Friday, November 7, 2008

News: Rosebys stores sold to Edinburgh Woollen Mill


The Joint Administrators of the Rosebys group of companies have sold 77 of the textile retailer’s outlets and all of its stock to Duvetco Limited, a wholly owned subsidiary of Dumfriesshire-based Edinburgh Woollen Mill. The sale of these outlets, which are located across the country, means that 495 jobs are saved as these employees will transfer to the new owner. However, 59 outlets will close, resulting in 310 redundancies. Howard Smith, Joint Administrator and KPMG Restructuring Associate Partner, said: "Clearly it is unfortunate that further redundancies have been unavoidable. But in difficult trading conditions, the sale of a number of stores has been secured, which will safeguard many jobs and help achieve a return for creditors." KPMG has set up a Rosebys employee hotline - 0845 094 1777 - to provide information and support to employees who have been made redundant. A number of employees from the Rotherham headquarters are being retained by the Administrators in the short term to assist with the transfer of stock and the realisation of property assets. Neither of the two Rotherham stores have been bought.


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