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The problems being faced by retailers have been underlined by another potential
high street failure.
Toy retailer Toymaster Kingdom has called in administrators from KPMG in an
attempt to save the company.
KPMG's Allan Graham and Richard Philpott were appointed administrators to the
Ipswich-based business
The company operates 14 stores and employs 150 staff.
Ian Corfield, from KPMG’s restructuring team commented: "Despite cost saving
measures earlier in the year, the difficult trading conditions coupled with
increasing costs have left the directors with no alternative but to place TM
Kingdom Ltd into administration.
Administrators told staff that the business was not being closed, and they had
begun to look for purchasers for the business and save the jobs.
The business, which is officially known TM Kingdom Ltd is continuing to trade as
normal and pay suppliers.
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Source:
RedAlert
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