Canadian billionaire Doug Putman has reportedly made an offer that could save up to 4,000 jobs and keep about 200 of 408 stores open
“Sadly, it is therefore likely that there will be redundancies and store closures in the future and it has today been necessary to update employee representatives.”
GMB issued another statement later on Wednesday evening saying closures would occur “within weeks” rather than “within a week”. The directors and the secured lenders can appoint administrators through a court process in order to protect the company as much as possible. If it cannot be reasonably saved, the administrator will aim to achieve a better return for creditors than would be likely if the company were wound up.
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