No rescue for Gadget Shop

Hopes of a rescue package for the Gadget Shop chain, which has been operating in administration, have been dashed after two prospective buyers pulled out and the firm will now close.
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Hopes of a rescue package for the Gadget Shop chain, which has been operating in administration, have been dashed after two prospective buyers pulled out and the firm will now close.

The closure of the 45 branches which remained open will result in the loss of 550 jobs, bringing the total to 742. The branches will close over the next four or so weeks, with closing down sales to maximise the return to creditors.

A spokesman for the administrator, said: "It is disappointing that in the end a suitable offer did not materialise. The potential buyers we spoke to all expressed concern that they could not clearly estimate how long it would take them to source, purchase and make available suitable stock.

"Furthermore, this is a quiet time of year for this business sector, a sector that is not performing well overall. We will aim to sell individual or groups of stores, the company name and its successful website, as well as staging a closing down sale in remaining branches."

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