Professional services firm Ernst & Young has today been officially appointed as administrator to value department store retailer TJ Hughes.
Earlier this week the struggling business announced its intention to hire administrators, and now the formal process of trying to find a buyer will begin.
It is understood that no pre-pack arrangement has been put in place meaning that the business either as a whole or in parts is very much open to offers.
Tom Jack, Joint Administrator, said: “The retail environment has been particularly tough during the first six months of this year and TJ Hughes has struggled against a backdrop of reduced consumer spending and increased competition.
“Whilst management have tried to reinvigorate sales performance and control costs, it has unfortunately not been possible for the business to continue to trade outside of insolvency.”
TJ Hughes was first established in 1912 and currently employs more than 4,000 people and runs 57 outlets across the UK.
Ernst & Young says that it is seeking offers for the sale of the business as a going concern and that stores will remain open for the time being.
“TJ Hughes will continue to trade as we look for a buyer of the chain,” Jack added.
“It is very much business as usual and we are grateful to the chain’s loyal customers, employees and suppliers for their continued support.”