Final chapter written for bookstore
PricewaterhouseCoopers has been appointed interim administrators to bookshop chain James Thin, proving that the downturn is still biting despite positive predictions.
PwC partners Bruce Cartwright and Iain Bennet were appointed today by the Edinburgh Court of Session following a petition by the directors of James Thin.
Ainslie Thin, chairman of James Thin, said: ‘Adverse trading conditions in some locations have required the board to review its forward strategy for the business.
‘The board is satisfied that this step offers the best opportunities for creditors to receive payment and for the business of James Thin to be continued, so far as possible. We can assure customers that the James Thin shops remain open for business.
James Thin, which has a turnover of around £26m, has 32 outlets across England and Scotland and employs around 450 staff.
The administrators hope to be able to restructure the business and sell it off. Some stores are expected to close down.
Administrators Bennet and Cartwright said: ‘The directors have requested our assistance in formulating restructuring proposals for the company which will seek to achieve the preservation of a significant part of the business. Although a number of stores are underperforming and will be closed there appears to be a substantial core business with an established brand and reputation.
‘Our aim is to continue to trade this core business and to sell it as a going concern, preferably in a single transaction.’
