Sock Shop Limited in Administration
Sock Shop Limited is the latest company to face difficulties within the Retail Sector and has been placed into administration.
Andrew Turpin and Martin Coyne of Poppleton & Appleby in Birmingham were appointed as Joint Administrators to the Company on Wednesday 25th January 2006, following an application by the directors of the company.
In its heyday, Sock Shop operated some 90 outlets across the UK and is part of the Tulchan Group
The high street chain currently employs around 90 full and part time staff across its 13 retail outlets, located primarily in the South East of England, together with its Cowan Bridge warehouse centre.
Sock Shop's difficulties are not, however, believed to affect the other businesses within the Tulchan Group
In addition to the 13 outlets, Sock Shop has several overseas franchise operations and a number of concessions throughout the UK. In recent times, the company has attempted to expand its product range and entered into the Internet market place with the development of its own web site.
Joint Administrator Andrew Turpin, partner at Poppleton & Appleby commented, "The business has struggled to keep pace with the changes in the High Street and is also a victim of the recent slowdown in consumer spending and spiralling rents.
"I am, however, hopeful that the business can be salvaged and trading is continuing whilst a buyer is sought, with several expressions of interest already being shown.
"We are currently working with our legal advisors Cobbetts LLP with a view to achieving a sale of the business."
Additional information may be obtained from Louise Gumery at Poppleton & Appleby on 0845 071 0854