Parts factor in admin
September 29th, 2008 by admin
MOTOR World has gone into administration
The independent automotive car care retailer, which had 237 stores in the UK, called in the administrators late last week.
This has immediately led to 95 stores being closed, with the loss of 300 jobs.
It is reported that the remaining 142 stores have, however, been sold. Huddersfield’s Pacific Retail Ltd has taken on the stores, saving 500 jobs.
The company is blaming a significant downturn in retail sales. Motor World was a key high street trader. ‘Motor World Ltd has been a direct casualty of the current retail difficulties and the continuing squeeze on available credit,’ said one of the administrators.
The new owners added: ‘We remain acutely aware that difficult trading conditions will undoubtedly continue; but remain hopeful that we can move the business forward following the restructuring that has taken place, and the consequent strengthening of the management team.’