UK retailer Chipsworld goes into liquidation
High Street stores close, but franchise outlets and website remain trading
UK retailer Chipsworld has gone into liquidation, with the closure of 12 stores and loss of 29 jobs.
However, franchise stores - of which there are 13 - and the Chipsworld website are not affected by the liquidation and continue to trade as normal.
"Since the summer of 2008, Chipsworld Ltd has battled against the credit crunch, mounting unpaid debts and the recession in order to keep afloat," said the retailer in a statement issued to MCV.
"Unfortunately, the recession has lasted far longer and bitten far harder than anticipated and Chipsworld Ltd has been unable to continue trading. Many of its customers, particularly in the North-east of England have been badly affected by the recession and to continue trading would only increase the company’s debts further."
Last December the firm instigated a Company Voluntary Arrangement to protect the business and its staff while it tried to pay off debts.
The company was ran by joint MDs Nik Agar and Don McCabe and had been in business for 25 years.