The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
4,500 jobs Number of planned job losses
Announcement Date
10 February 2006
Employment effect (start)
Foreseen end date
Description
Administrators moved in at the cut-price clothing chains, QS and Bewise, which together have 343 shops and employ 4,500 people in the UK. They are the latest in a lengthening line of retailers to collapse and there are fears of more to come as consumer spending remains subdued and high street trading conditions become increasingly cut-throat.
Mr Shierson estimated that the business had suffered operating losses of as much as £15 million to £20 million over the past few years. The two chains suffered a poor Christmas and depressed trading in January 2006, which proved the final straw. Grant Thornton was called in by directors of Hamsard 2353, which is the parent company of QS and Bewise. Administrator Malcolm Shierson said that most of the employees will keep their jobs: 'We believe the majority of positions will survive.'
Sources
11 February 2006: The Guardian
Citation
Eurofound (2006), QS and Bewise, Internal restructuring in United Kingdom, factsheet number 62925, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62925.
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