Watt Brothers ‘all stock must go clearance’ continues in Glasgow
Administrators Blair Nimmo and Alistair McAlinden from KPMG are continuing to clear remaining stock and exploring all options for Scottish retailer Watt Brothers.
The fourth-generation family-owned business operated a chain of department stores throughout Scotland, before entering administration on Friday 18th October 2019.
Watt Brothers’ flagship store on Sauchiehall Street in Glasgow remains open and has now been stocked to capacity with items from the Watt Brothers’ ten leasehold stores which closed immediately following the appointment of administrators.
While the administrators are still in discussions with parties who have shown an interest in acquiring the business and trading is expected to continue into December, in order to clear the significant amount of remaining stock, all lines have now been reduced by up to 20%.
Since the date of appointment, it has been necessary to make a further 19 employees redundant. A total of 59 members of staff continue to provide assistance, primarily with the stock clearance event at the Sauchiehall Street store.
Blair Nimmo, joint administrator and UK head of restructuring at KPMG, said: “I want to thank the Watt Brothers staff who have worked tirelessly to assist with the stock replenishment and clearance. Throughout this process, we have been exploring a range of options and seeking the best possible outcome for the business, which is clearly close to the hearts of shoppers in Glasgow and throughout the central belt.
“We are working closely with Skills Development Scotland, via their PACE team, and JobCentre Plus to support the staff who have been made redundant, and we would encourage any party who has an interest in acquiring the business and its assets to contact us as soon as possible.”