North East gift retailer Collectables Retail Limited has entered administration.
Jonny Marston, Mark Firmin and Howard Smith of KPMG were appointed as joint administrators to the company and related business Xystos Wholesale Limited on 25 September.
Marston, director of restructuring at KPMG, said: “Sustained difficult trading conditions have resulted in the business facing cash pressures with a further increased demand for working capital in preparation for the Christmas trading period.
“We are now assessing the company’s financial position and the options available, whilst marketing the business and assets for sale.”
The company traded from eleven stores cross the North East, Yorkshire and Cumbria, and as a furniture retailer from three sites at Collectables Retail Park, Stockton.
The company operated from 13 leasehold stores and owns a freehold store in Alnwick.
Despite closing stores, administrators have said there have been no redundancies from among the 200 Collectables Retail staff during their initial analysis.
The future of the company has been described as “uncertain” and administrators will “provide a further update in the coming days once a trading strategy has been determined.”