Hilco eyes up struggling retailer Bathstore
Restructuring fund Hilco is set to pounce on UK retailer Bathstore as it teeters on the edge of collapse, it is reported.
Hilco, which has already taken over struggling high street names like HMV and Homebase, is in the process of preparing for a take over of Bathstore, according to Sky News.
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Bathstore is set to appoint administrators BDO in the next few days to lead an insolvency process. That could include a decision to seek bids for its 160 stores, employing 600 staff across them.
Hilco, Sky reported, is one of a small number of firms interested in continuing to run Bathstore, albeit on a much smaller scale.
Bathstore’s high street woes follow a mooted merger with Victoria Plum last year, but talks amounted to nothing.
Currently Bathstore is owned by a US investment firm, Stephens.
Hilco put HMV into administration just before Christmas 2018, before the music store was bought by Canadian firm Sunrise Records in February.
Bathstore would be the latest retailer to shut up shop on the UK high street.
Huge retailers including Debenhams, Maplin and House of Fraser have all collapsed in 2019.
Toys R Us and New Look have also recently closed stores.
An administration process could put hundreds of jobs at risk, however, with a rescue offer possibly seeking to downsize the company.
Meanwhile UK retail tycoon Sir Philip Green’s rescue plan for his Arcadia empire were approved at a meeting of lenders earlier this month.
That meant brands like Topshop and Dorothy Perkins avoided administration.
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The crunch vote saw at least 75 per cent of creditors – including landlords, councils and suppliers, back the plans.
Meanwhile Monsoon Accessorize, the latest retailer to fall foul of UK shoppers, revealed a plan yesterday to seek big rent discounts in return for giving landlords £10m of future profits.