Soft furnishers Mostyns Curtains Limited has closed its stores after entering administration, less than one year after it was sold through a pre-pack deal.
Steve Adshead and Greg Palfrey of accountancy firm Smith & Williamson were appointed joint administrators to the company on 18 July 2013.
A statement from the administrators said: “It was not possible to sell the business as a going concern and there was no other choice but for the firm to go into administration and for all stores to close.”
“It should be stressed that customer’s existing orders are being fulfilled in the vast majority of cases. If for any reason an existing customer order cannot be met, all moneys the individual has paid will be reimbursed.
“This is a very difficult time across the retail sector and there is immense online competition in the soft furnishing business. Despite a restructuring of the business in September 2012, the difficulties have proved insurmountable.”
The stock of Mostyns, which is the company’s principle asset, has been sold to an unnamed buyer.
The factory and customer services department are to continue on a scaled-down basis for the next few weeks in order to fulfill existing orders.
Mostyns first entered administration in September 2012. The business and assets of Mostyns Ltd and Mostyn Group Ltd, which owns 100% of the shares in Mostyns Ltd, were sold to WCDI Ltd.