Home Kent Business County news Article
Job losses as administrators brought in at Bay Trading
16:19, 19 May 2009
updated: 17:17, 19 May 2009
by business editor Trevor Sturgess
Fashion stores across Kent and Medway are set to close with the loss of dozens of jobs.
Bay Trading went into administration in April and while administrators at Deloitte have managed to sell the busines to Rinku Group, it is feared most Kent outlets are earmarked for eventual closure.
The stores affected are at Bluewater (two outlets), the Chequers Mall in Maidstone, Pentagon Centre, Chatham, Marlowe Arcade, Canterbury, Royal Victoria Place, Tunbridge Wells, Folkestone and Bexleyheath. There are also at least two concessions - in Tonbridge and Bromley.
Under the deal, Rinku has acquired 45 Bay Trading stores, 85 Bay Trading concessions, together with Bay Trading’s stock and intellectual property. This will safeguard 566 jobs.
The deal is set to cost 1,200 jobs nationwide, with the closure of around 125 outlets. Before it went into administration, Bay Trading operated nearly 300 stores.
Lee Manning, joint administrator with Deloitte, said: "We are pleased that we have been able to secure Bay Trading’s future. It will be predominately a concessions-based business, with a number of stores also continuing to operate."
Latest news
Features
Most popular
- 1
Pedestrian killed in M2 crash involving ‘number of vehicles’
3 - 2
‘This Christmas market is truly magical - but there’s just one problem’
17 - 3
Lorry bursts into flames on roundabout approach
3 - 4
Inside Kent’s newest B&M store in former Wilko
5 - 5
Delays after tank strapped to lorry hits railway bridge
6