// Joy files notice of intention to appoint administrators
// The collapse will be the retailer’s third time
// It employs 182 people and has 10 stores in the UK
Joy has filed notice of its intention to appoint administrators just two years after it was acquired out of insolvency in a pre-pack deal by its founders.
The fashion retailer said it is likely to fall into administration and become the first retailer to collapse after Christmas.
The administration would be Joy’s third time, marking a turmoil period for the retailer, The Sunday Times reported.
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The retailer employs 182 people and has 10 stores, most of which are in London, and is reported to have put KRE Corporate Recovery on standby.
KRE managed Joy’s previous administration in 2017 which saw 78 redundancies take place.
Despite Joy’s likely administration, the high street this year faced less administrations compared with 2018.
KPMG found that administrations declined by 30 per cent this year.
However, retailers continue to face a challenging period as footfall dropped Christmas Eve and Boxing Day, according to Springboard.
Meanwhile, some of the most notable retailers to collapse this year include LK Bennett, which announced its administration in March and closed 21 stores, and Debenhams which collapsed the following month. US retailer Forever 21 closed 350 stores globally after filing for Chapter 11 bankruptcy protection in September, while Bonmarche put 2900 jobs at risk in October after filing for administration.
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