A West Midlands retailer has been sold out of administration, preserving the jobs of 43 staff.
Clubsport (Kington) Limited sold surf, bike and snow clothing from 12 stores across England and Wales, and employed 90 staff.
The company traded under licence from sports brand Animal.
Due to “the economic climate and a decline in sales volumes over the past 12 months,” seven of the stores were closed down resulting in 47 redundancies.
Graham Randall and Simon Girling, of BDO LLP, were appointed as joint administrators to the business and secured the sale of the remaining five stores on 31 January.
Following their appointment, the administrators made the decision to close down the underperforming stores.
Randall said: “The Company was exposed to difficulties as a result of the economic climate and a decline in sales volumes over the past 12 months in certain of its locations.
“The joint administrators explored every avenue to preserve the future of all stores, but regrettably this has not been possible.
“Principally, I am delighted that 43 jobs have been saved, and these stores can now move forward on a secure financial footing.
We will be assisting affected staff with their redundancy claims and would like to thank them for their forbearance at this time.”