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Five jobs at risk as Kidderminster Dreams searches for buyer
FIVE jobs in Kidderminster remain under a cloud after administrators for closure-threatened Dreams were unable to find a buyer for the town’s store.
The beds retailer, whose Crossley Retail Park shop is one of 266 across the UK, fell into administration on yesterday.
Today, administrators Ernst and Young LLP announced the majority of the company’s business and assets had been sold to Sun Capital Partners for an undisclosed sum, including 171 stores but that did not include Kidderminster.
Alan Hudson, joint administrator, said: “The remaining stores that are not included in the sale will remain open for business while the administrators seek to find buyers for these stores.”
An Ernst and Young spokesman confirmed no time scale had been set to find a buyer.
Mr Hudson added: “Dreams is a well known market leader but in common with many others has suffered as a result of this depressed retail environment, a rapid expansion of its store portfolio and onerous lease liabilities.”
He added operating margins had been squeezed, resulting in the business being unable to continue outside of administration.