PowerHouse axes 813 jobs
PrintMore at risk as receivers called in
Posted in Channel, 21st August 2003 08:58 GMT
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Some 3000 jobs are under threat at electrical retailer PowerHouse after the company called in the receivers yesterday.
The company, the UK 's largest independent electrical retailer, immediately announced that it has already decided to close 93 of its 223 stores at the end of the month with the loss of 813 jobs.
Some 600 redundancies are expected among staff working at PowerHouse superstores, while the rest will come from the closure of the retailer's High Street shops.
However, PowerHouse has yet to confirm which stores will close and who will lose their jobs. Employees are expected to learn more later this week.
In a statement, the joint administrative receivers, Nick Dargan and Neville Kahn of Deloitte & Touche, said they were "carrying out a rapid assessment of the company’s operations" with a view to selling the business as a going concern.
PowerHouse is the UK’s third largest retailer of household electrical appliances behind the Dixons Store Group and Comet.
In 2002-03, the company was only able to rack up a profit - after tax - of £300,000 ($478,590) on a turnover of £384 million ($612.6 million). ®
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