Rosebys staff face uncertain times

9:00am Friday 3rd October 2008

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STAFF at Rosebys in Trowbridge and Chippenham were this week facing an uncertain future after the company went into administration.

Workers at the Trowbridge branch of the curtians and home furnishings store did not want to comment on the news which could effect 2,000 staff across the country.

This week, a restructing team from KPMG said Rosebys would continue to trade as normal while it attempted to secure a buyer for the business.

The firm has two stores in Chippenham, in the High Street and Hathaway Retail Park,and a further 280 shops around the country, including the one in The Shires shopping centre, Trowbridge.

Joint administrator Howard Smith said: "The business is continuing to trade as normal while we review the financial position and seek a going concern sale.

"No employees have been made redundant to date. In common with many retailers, the group has experienced difficult trading conditions, leading to continuing losses.

"Rosebys has recently sought to re-finance, but this did not prove possible in the current economic climate.

"We are looking for offers for the whole or any part of the business."

Rosebys was aquired by India based textiles firm GHCL in July 2006 as a springboard for developing a retail presence in the UK, but in the year to March 31 Rosebys made losses of £6 million and has remianed in the red since then.

It owes trade creditors around £11.7m and intercompany creditors £19m.