// Treds has been rescued by New Gray
// The retailer collapsed on January 29 following declining revenues
// The acquisition includes all 21 Treds stores as well as its online business
Footwear and fashion retailer Treds has been acquired by New Gray following its collapse last month.
Ross Connock and Zelf Hussain of PwC were called in as joint administrators of Treds on January 29, placing 160 staff members in danger of redundancy.
However, their jobs are now secure as the acquisition by New Gray includes all 21 Treds stores as well as its online business.
“This deal safeguards the jobs of all 159 members of staff and the continued trading of all 21 stores,” PwC director and joint administrator Ross Connock said.
“In an extremely challenging environment, the sale provides a much needed boost for the retail sector and high street and stability for employees.”