Collectables forced to make 150 members of staff redundant

Administrators from KPMG have decided that re-opening the 14 stores owned and operated by Blaydon-headquartered gift retailer Collectables is not a viable option, hence rendering 150 members of staff redundant.

According to a news report on this matter, Jonny Marston, Mark Firmin and Howard Smith from KPMG’s restructuring practice were appointed joint administrators to Collectables Retail Ltd and related business Xystos Wholesale Ltd last week.

After thoroughly analyzing the company’s finances and assets, the administrators have concluded it is not possible to continue trading its stores and will not be reopening during the course of the administration.

14 employees were retained to assist the administrators as they continue to pursue a sale of the business and assets, while taking steps to manage an orderly wind down.

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