A Flintshire supplier and retailer of custom-made curtains has entered administration, resulting in the redundancy of 530 staff.
Will Wright, Paul Flint and Brian Green of KPMG were appointed joint administrators to Montgomery Tomlinson Limited on 20 August.
On the appointment of the administrators, the company ceased to trade and 530 members of staff across 123 department store and retail concessions, as well as its factory and warehouse facility in Bretton, were made redundant.
Wright, restructuring partner at KPMG, said: “Despite the tireless efforts of the directors to secure a sale of, or investment in the business over the last four weeks, it has been impossible to find a workable solution to enable the company to continue to trade and they have made the difficult decision to appoint administrators.
“As a result of an increasingly competitive marketplace, a fall in sales left Montgomery Tomlinson critically short of cash and unable to meet its liabilities.”
The administrators will now begin recovering the value of the assets of the company.
Salaries of Montgomery Tomlinson staff were not paid for August 2013 due to “insufficient funds”.
Wright said: “Given the cash position of the business, unfortunately there are insufficient funds to make payments for August salaries and we will be working as hard as possible to assist employees in their claims to the Redundancy Payments Office.”
Earlier in August, soft furnisher Mostyns Curtains Limited also entered administration in the face of “immense competition in the soft furnishing business”.