All 14 Collectables shops will be closed and most of the company’s staff will be made redundant, administrators have announced.
Administrators for the giftware company, headquartered in Gateshead, said 150 staff would lose their jobs, in addition to the 25 who were made redundant last week when KPMG were called in. It had been hoped the outlets could continue operations but a spokesman for KMPG said that was no longer possible. He said: “After analysing the trading position of Collectables, the joint administrators have concluded it is not possible to continue trading the company’s 14 stores.
“Therefore, they will not be re-opening during the course of the administration of the business.
“As a consequence, most unfortunately, 150 employees have been made redundant, with a skeleton staff numbering 14 retained to assist the administrators as they continue to pursue a sale of the business and assets, while taking steps to manage an orderly wind down.
“Employment specialists from KPMG’s restructuring practice will be ensuring the employees are supported in claiming their unpaid wages and notice pay from the government’s Redundancy Payments Office.”