Jobs saved through Stylo sale
Administrators for Stylo plc have announced that 160 stores and 165 concession outlets have been sold to the existing management team, led by Michael Ziff. The sale will safeguard 3,000 jobs.
Neville Kahn, Deloitte partner and joint administrator, said: “Given the difficult trading environment, we are pleased to have achieved a deal which will save 160 Stylo stores and 165 concession outlets across the UK and Ireland, thereby safeguarding 3,000 jobs. Due to difficult short term financial difficulties and the long term sector outlook, however, the store portfolio was deemed to be too large, and unable to generate sufficient profits to cover its cost base. As a result, the remaining 220 stores will be closed imminently, with the regrettable loss of 2,500 jobs.”
Mr Kahn added that the company will work closely with the Redundancy Payments Office and Job Centre Plus to provide support for all staff.
“The deal that was achieved as a result of this process means that the Barratts and Priceless brands will continue on the High Street,” he added.
