Fashion store staff fear for future

EIGHT full and part-time staff at the Bay Trading store in Spindles, Oldham, were today anxiously awaiting news of their futures after the fashion retailer went into administration.

Bay Trading, which has 175 stores and 80 concessions, entered administration after credit insurers withdrew cover for the chain’s suppliers. The store in Oldham has been open for more than nine years.

Lee Manning and Matt Smith of Deloitte, the business advisory firm, have been appointed joint administrators to Epcoscan Ltd, which operates as Bay Trading. Epcoscan Ltd. is a subsidiary of Alexon, which is not in administration.

The administrators will continue to trade the business, with a view to selling it as a going concern.

The news comes as insolvency practitioners Begbies Traynor report an 87 per cent increase in the number of companies in a ‘critical position’ in the first three months of the year, compared with last year.

The restructuring specialist said property services, construction and financial services have been hardest hit and retail, advertising, automotive, transport and communications, and manufacturing have also been suffering.