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Retail Spotlight - Past Times on brink of administration

 

Posted At: 04 January 2012 10:21 AM
Related Categories: Administrations, Retail, Retailers

 

Following the announcement of intention to appoint administrators by Past Times; we bring to you an overview of the retailer’s trading over the years and highlights of the latest news.

18/02/2010 - Past Times was hunting for new stores and intended to ramp up its online offer

23/09/2010 - Trading successfully from 115 stores across the UK and Ireland, retailer was looking to acquire a minimum of 30 locations in 2010

22/10/2010 - The gifts retailer opened 30 pop-up shops for Christmas and hired 400 extra staff

16/09/2011 - Following successful campaign in 2010, retailer was seeking a minimum of 60 locations to open in 2011

30/12/2011 - The board of Past Times, which is owned by Epic Private Equity, confirmed that it intends to appoint administrators in the New Year, placing approximately 1,000 jobs at risk
Legally, there must be a 10-day gap between an intention to enter administration being lodged with the High Court and its starting. This means the process is likely to start during the second week of January

Retailer Profile:

Past Times specialises in developing and selling quality products inspired by important design periods throughout history. The variety of products is extraordinary, ranging from household accessories and jewellery to gifts, toys, clothes, books, DVDs and much more. Past Times was founded in 1986 as a mail order company and opened its first store in Oxford in June 1987. With products aimed at the Middle sector of its market, Past Times has over 140 stores throughout the UK and Ireland, and a transactional website.
 

Financial Health:

7months ended 26 December 2009

The company increased both its high street and outlet presence during the period, opening a total of 24 new stores and ended the period with a total of 120 across the UK. This included the opening of the two largest turnover stores as the company shifted focus to higher turnover stores in key locations. Store sales in the eight months to December 2009 were £32.3m, compared to £26.7m in the comparable period, an increase of 21%

Year ended 25 December 2010

The company increased both its high street and outlet presence during the period, opening a total of 35 new stores and ended the period with a total of 141 stores across the UK and Ireland. The company continues to focus on stores that are in key locations and those with high contributions, accordingly 11 stores were closed during the period.

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Comments...

Sad times - hope they can save themselves, it's one of my favourite shops!




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