Shops stay open as national chain goes bust
Published Date:
30 September 2008
Auto equipment store Motor World Ltd has gone bust.
The collapse has led to an estimated 15 job losses in Portsmouth and the surrounding area.
The nationwide chain had experienced a serious decline in sales and on Friday was declared to have gone into administration.
It had 237 branches across the UK, of which 95 are now to close. In south-east Hampshire, branches in Leigh Road, Eastleigh, West Street, Fareham, London Road, Waterlooville, The Hornet, Chichester, and Arun Business Park, Bognor Regis have shut.
Each branch employed either three or four staff.
In Portsmouth, the London Road store has been sold as a going concern to Pacific Retail Ltd, along with Gosport's Stoke Road branch.
Administration firm BDO Stoy Hayward said the company was 'a direct casualty of the current retail difficulties, and the continuing squeeze on available credit'.
The full article contains 148 words and appears in The News newspaper.
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Last Updated:
30 September 2008 9:00 AM
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Source:
The News
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Location:
Portsmouth
