KPMG confirms Watt Brothers will close in mid-December
Administrators Blair Nimmo and Alistair McAlinden from KPMG have confirmed the flagship store of Scottish retailer Watt Brothers will close in mid-December.
The fourth-generation family-owned business operated a chain of department stores throughout Scotland, before entering administration on Friday 18th October 2019.
Following their appointment, KPMG announced that the company’s ten leasehold stores would close immediately, while the flagship Sauchiehall Street store would remain open to allow stock to be cleared.
The administrators are continuing to hold discussions with parties interested in acquiring the business, but have now confirmed to staff that the store will close down in mid-December once final stock has been cleared. Meanwhile, reductions of up to 30% have now been applied to final remaining stock items.
Blair Nimmo, joint administrator and UK head of restructuring at KPMG, said: “We’re continuing to explore a number of options and talk to interested parties in the hope that we can achieve the best possible outcome for Watt Brothers. Throughout the administration process, remaining staff members have worked tirelessly to ensure that as much stock as possible can be sold.
“We’re now entering the final stages of clearance with a full closing down sale, resulting in reductions of up to 30% on all remaining items, and we can confirm the Sauchiehall Street store is expected to close around mid-December.
“In addition to our efforts to speak to interested potential buyers, we’re also working closely with Skills Development Scotland, via their PACE team, and JobCentre Plus to support the staff who have been made redundant.”