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Gloucestershire Business News

Retailer battles against closure

Administration threatens to close a county shoe shop.

Trendy tReds in Gloucester city centre is part of a national chain of 21 stores and a business employing 165 people.

It revealed this week it could be about to become the latest name to duck out of the high street and had brought in turnaround experts PWC to try to find a buyer.

In the meantime it is business as usual for the Gloucester store, which could still become part of exciting developments planned for the popular shopping destination.

Peter White, centre manager of King's Walk Gloucester said: "tReds is a really good store which complements the current tenant mix really well, but sadly it is going to be closed unless a buyer can be found.

"It is a real shame for the hard-working staff as the tReds store who have worked well over the past year.

"We are focusing on the development work and as a result we are expecting to welcome new tenants into the centre in the future."

Ross Connock and Zelf Hussain of PwC were appointed as joint administrators of tReds LLP on 29 January 2019.

Mr Connock, PwC director and joint administrator, said: "The business has faced similar challenges to those seen across the retail sector, including changing consumer behaviour and economic uncertainty.

"This has resulted in reduced revenues across the store portfolio. Despite the best efforts of management, there was unfortunately no alternative but to place the partnership into administration.

"All staff remain employed as normal and we are continuing to trade the business in the coming days while we assess the trading strategy and explore any interest in the business."

tReds operated 21 stores across the UK and also sold online. Its head office and warehouse is in Weymouth, Dorset. The business employs 165 staff.

Punchline said: "While this is more worrying news for the high street generally, what is heartening is that Kings Walk has a plan which will see some serious investment into the shopping centre during 2019, new tenants revealed, adding another important line to the story of the rise-and-rise of Gloucester."

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