Past Times closes 47 stores

Struggling gift retailer Past Times, which was due to appoint administrators this week, has been granted a ten day extension to give the group additional time to close a deal with a potential rescuer.

The company has closed 47 of its 98 stores in the last two days resulting in around 400 job losses.

The group, which is owned by Epic Private Equity, announced on 29 December that it would appoint administrators after 10 working days but it has now been given an extension in the hope that all or part of the business can be sold.

Past Times suffered poor sales of its retro gifts over the Christmas period despite heavy discounting.

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