The retail chain The Pier which has a large branch in North Street, Brighton was placed into administration on 4th December and is seeking a buyer for the business.
The 19 year old company which started in Richmond on Thames and quickly expanded to 48 stores across the UK and was sold in 2006 to Icelandic operator Lagerinn. The company lost £2.5 million in 2007 and had £7 million in debt, according to filings at Companies House. Its immediate holding company recorded a loss of £3.6 million for the same period.
It is continuing to trade under the direction of administrators Mazars.
Rod Weston from Mazars said: "The company has encountered difficulties due to the harsh trading conditions associated with the current economic climate.
"While in administration, the business will continue to trade as normal. We are now reviewing options and are seeking a buyer for the business as a going concern."
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