// Treds officially appoints PwC to act as administrator
// It trades from 21 stores and employs 165 people across the country
// It will continue to trade as usual while potential buyers are sought
Footwear retailer Treds has fallen into administration, placing 165 staff in danger of facing redundancy.
PwC confirmed to the Retail Gazette that Treds had officially appointed Ross Cannock and Zelf Hussain of PwC to act as administrators.
Treds, which trades from 21 stores across the UK, will continue trading in the immediate future as the administrators decide on the best course of action and sound out potential buyers.
“The business has faced similar challenges to those seen across the retail sector, including changing consumer behaviour and economic uncertainty,” joint administrator Cannock said.
“This has resulted in reduced revenues across the store portfolio. Despite the best efforts of management, there was unfortunately no alternative but to place the Partnership into administration.
“All staff remain employed as normal and we are continuing to trade the business in the coming days while we assess the trading strategy and explore any interest in the business.”