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Last 22 Paul Simon stores to close 16 May 2014

The remaining 22 stores of insolvent furniture retailer Paul Simon Limited are to be closed, administrators have confirmed.

Of the original 50 Pail Simon stores, 21 stores have already been closed. 209 jobs will be lost as a result of the final round of store closures.

Lee Manning and Nick Edwards of Deloitte were appointed Joint Administrators of Paul Simon (London) Limited on 2 April 2014.

Administrators confirmed the sale of sale of the business and assets of seven stores to Lewis’s Home Retail, preserving 73 jobs.

Manning, partner at Deloitte, commented: “We very much regret that a buyer for the remaining stores as a going concern could not be found.

“We will close stores over the coming weeks, selling the remaining unsold stock in these stores in clearance sales. The business cannot trade indefinitely without the prospect of a buyer.

“The sector in which Paul Simon operates remains a challenging market. Loss-making stores with excessive rents, a complicated delivery model for relatively modest transaction sizes and financing problems combined to reduce the ongoing viability of the enterprise.

“This ultimately led to the appointment of administrators and restricted the level of interest from potential purchasers.”

The 22 stores due to be closed are: Aylesbury, Aylesford, Basildon, Byfleet, Catford, Chadwell Heath, Colchester, Crawley, Croydon, Fareham, Farnborough, Ipswich, Milton Keynes, Northampton, Norwich, Orpington, Peterborough, Rayleigh, Southampton, Stevenage, Swindon, Watford.

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