Worthing store appears to launch closing down sale - days after being saved from administration

A Worthing high street store has appeared to launch a closing down sale just days after being saved from administration.

Fashion and footwear retailer tReds was sold by administrators PwC to retail company New Gray Ltd on February 8, in a deal the administrators said 'safeguards the jobs of all 159 members of staff and the continued trading of all 21 stores'.

tReds in Worthing's Montague Street

tReds in Worthing's Montague Street

However, just seven days later a rudimentary 'closing down sale' sign appeared on the windows of Worthing's Montague Street store.

This afternoon (February 19), officially branded signs have been placed in the windows, stating 'closing down sale - all stock must go'.

Staff in the store, which employs seven people, said they had been given no information around the closure.

On the announcement of the sale on February 8, PwC director and joint administrator, Ross Connock, said: “This deal safeguards the jobs of all 159 members of staff and the continued trading of all 21 stores. In an extremely challenging environment, the sale provides a much needed boost for the retail sector and high street and stability for employees.”

When approached by the Herald with the information the Worthing store had now commenced a closing down sale, a PwC spokesman said 'the sale included the transfer of all of the stores and employees to the new business' and advised contacting New Gray Ltd.

New Gray Ltd has been approached for comment.