ADMINISTRATORS of Your More Store (YMS) are to close nearly half of its 180 outlets and cut nearly a third of the workforce in an attempt to return the discount retail chain to profitability.
The former Brown & Jackson unit collapsed into administration at the beginning of this month, weighed down by fierce competition in the discount sector and £30 million of debt.
Gary Wilson, joint administrator at Ernst & Young, said that all the 70 outlets earmarked for closure by the end of next month were loss making.
He added that 434 of the company’s 1,400 employees, would lose their jobs.
Mr Wilson said that the remaining 110 outlets would continue to trade in an attempt to restore the chain to profitability before being sold. He said that various retail and private investors, who he declined to name, had already expressed interest in the chain.
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“We are seeking to return some certainty back to the YMS business,” Mr Wilson said. Selling down the loss-making element will give us more time to market the business and get the best possible price for it.”
YMS, which is based in West Yorkshire, reported turnover of £55 million last year.