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200 jobs to be axed at Floors 2 Go
Monday August 29th 2011
Various staff at specialist retailer Floors 2 Go could end up using Income Protection insurance after it was revealed that 200 jobs have been axed at the beleaguered firm.
A total of 53 stores have been closed after the company went into administration for the second time in three years. The last time this happened was in 2008 when it was owned by private equity firm Alchemy Partners. The firm's original founders, the Hodges family, eventually bought the company back in 2009.
Around 162 jobs have been saved, however, after 35 shops were bought by Nixon & Hope, a company set up by former management at the retailer, according to administrator Senate Recovery.
Floors 2 Go becomes the most recent high-profile chain to get the administrators in this year after furniture store Lombok and interior designer Habitat both closed.
The business is now reported to be working alongside restructuring company Resolve in an attempt to revive its flagging fortunes.
Copyright © Press Association 2011
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