Posted: Fri Apr 24, 2009 1:18 pm Post subject: Bay Trading administration puts 1000 jobs at risk.
Bay Trading, the womens fashion chain, collapsed into administration today after credit insurance at Alexon, the parent company, was withdrawn.
Around 1,000 Bay Trading jobs are now at risk after Alexon was forced to call in Deloitte as administrator.
The withdrawal of trade credit insurance means that suppliers would be unable to reclaim unpaid bills if the company collapsed.
Alexons other brands, including as Ann Harvey, Minuet and Kaliko, remain unaffected by the collapse of Bay Trading, the company said. _________________ http://sewardchronicles.ning.com/
Bay Trading has been sold to Rinku Group, the owner of brands including Tigi-Wear, Viz-a-Viz and iZ.
Rinku acquired 45 Bay Trading stores and 85 concessions at the weekend, out of a total of 268 units. It has also bought Bay Trading's stock and intellectual property. Approximately 1,230 jobs will be lost at the chain, with close to 570 employees keeping their jobs.
It will now mainly operate through concessions in department stores rather than stand-alone shops. Bay Trading stores not involved in the deal will shut in due course after running down their stock
Lee Manning, joint administrator at Deloitte, said: "We are pleased that we have been able to secure Bay Tradings future. It will be predominately a concessions-based business, with a number of stores also continuing to operate."
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