Monday, September 29, 2008

News: Rosebys enters administration


The Rotherham based high street retailer of home textiles, Rosebys has gone into administration. The group has an annual turnover of £100m and employs approximately 2000 staff at its 280 stores. The head office is at Hellaby, Rotherham. Howard Smith, Richard Fleming and Mark Firmin of KPMG LLP Restructuring have been appointed as joint administrators. Howard Smith said: "The business is continuing to trade as normal while we review the financial position and seek a going concern sale. No employees have been made redundant to date. "In common with many retailers, the group has experienced difficult trading conditions, leading to continuing losses. Rosebys has recently sought to re-finance, but this did not prove possible in the current economic climate. We are looking for offers for the whole or any part of the business." Rosebys was acquired by Indian Company, Gujarat Heavy Chemicals Limited in 2006. In August, Retail Week reported that their credit insurance has been pulled by their suppliers, Euler Hermes. The Economic Times in India reported that their parent company, GHCL were restructuring and set to split Rosebys to create a retail business and a manufacturing business. Rosebys London stores are being launched across India this month. Rosebys operates two stores in Rotherham, in the town centre and at Parkgate Shopping.
Rosebys website


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