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Past Times faces shop closures
10:20, 17 January 2012
Kent jobs at retro retailer Past Times have been lost with the closure of the Ashford shop and many more are under threat if a buyer cannot be found for stores that remain open.
The struggling chain went into administration yesterday after poor Christmas trading.
Closing Down signs are going up in the 51 stores that are still trading, including Maidstone, Canterbury, Chatham and Ashford Designer Outlet.
Past Times is the latest in a long list of recent high street casualties. The formerly successful retailers have found it hard to compete in difficult trading conditions, which have seen discretionary spend fall with the dip in consumer confidence.
The Ashford branch of Past Times is among 46 outlets that have closed nationwide with the loss of 507 jobs.
Administrators at KPMG are trying to find a buyer for the 51 stores and save 500 jobs. But their message suggests they are not optimistic.
There would be "an orderly wind down in the event a going concern sale cannot be concluded," they said, adding that the remaining stores "will enter closing down mode on a nationwide basis where consumers will find significantly discounted stock".
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