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31/10/2003
300 jobs under threat at two leading retailers
The future of two of Northern Ireland's leading electrical stores is in doubt after Shop Electric and Electricworld went into administration today.
The move will see the closure of 35 stores, and leaves 300 jobs under threat. Both stores, owned by Gateshead-based Northern Electric Retail, are believed to have suffered "competitive pressures and squeezed margins" which was unlikely to change in the run-up to Christmas.
It is believed that a number of retail stores may have to be sold, however a decision is expected early next week on whether to re-open the remainder for business.
(MB)
The move will see the closure of 35 stores, and leaves 300 jobs under threat. Both stores, owned by Gateshead-based Northern Electric Retail, are believed to have suffered "competitive pressures and squeezed margins" which was unlikely to change in the run-up to Christmas.
It is believed that a number of retail stores may have to be sold, however a decision is expected early next week on whether to re-open the remainder for business.
(MB)
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Northern Ireland WeatherThis Evening and Tonight:It will be cloudy. Also mainly dry at first this evening but then occasional outbreaks of rain developing overnight. Light southwest winds, and staying mild. Minimum temperature 9 °C.
