Modelzone to close 10 retail units
Toy retailer Modelzone, who is currently under administration, will close 10 of its stores in a bid to reduce losses, a news article in the local media has revealed.
Administrators Deloitte confirmed that 5 of the retailer’s branches, located in Bluewater, Hull, Leicester, Doncaster and Cardiff, will be officially closed starting with the 10’th of August, followed by the Romford, Ipswich, Meadowhall, Leeds and Swansea stores on the 13’th of August. A total of 66 members of staff are very likely to be made redundant as part of this move.
Richard Hawes, Nick Edwards and Rob Harding, partners at business advisory firm Deloitte, were named joint administrators of the Modelzone group of companies on 26 June 2013. In a statement, Deloitte added: "The joint administrators to Modelzone are still trying to find a potential buyer for some or all of the stores. Unfortunately to date no such purchaser has come forward."
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