Member Article

Officers Club to axe 500 jobs

A beleaguered clothing retailer has reportedly filed for administration for the second time in little over two years - and has already seen 46 of its 102 stores acquired.

Officers Club, based in Cramlington, appointed Grant Thornton as its administrator this week, after struggling to pay a rent bill due at the end of March, and facing a significant VAT demand next month.

Up-and-coming clothing retailer, Blue Inc, has stepped in to rescue 46 of the stores in a deal said to be worth around £5m.

The company has already expressed its intentions to rebrand the stores - which raise its national portfolio to 144 outlets - and renegotiate leases.

Blue Inc’s managing director, Steven Cohen, said that the purchase would help in their drive to steadily expand their brand, which reported a turnover of £55m in 2010 and earnings of £3.3m.

This was posted in Bdaily's Members' News section by Ruth Mitchell .