The Joint administrators of the JTF Mega Discount Warehouse business have confirmed the three stores which will stay permanently closed .
Is JTF going bust?
JTF Mega Discount Warehouse has fallen into administration after a potential buyer pulled out of a deal to acquire the business at the last minute. ... The company was acquired by current chairman Arthur Harris in January 2020, saving it from entering administration at the time.
How many JTF stores are there?
Established 40 years ago, JTF has 12 stores and 500 staff across the Midlands and the north of England, including Leeds, Warrington, Preston, Stoke-on-Trent, Tamworth, Hucknall, Lincoln and Newcastle.
Who bought JTF?
Poundstretcher’s owners have bought JTF Mega Discount Warehouse from administrators. The stores have been acquired by Bargain Buys , a subsidiary of Poundstretcher, which launched a CVA rescue plan last year. The deal includes JTF’s brand and other assets, and could see nine stores reopened.
Why is JTF shut?
JTF Mega Discount Warehouse has closed its stores, including one in Rotherham, having collapsed into administration . Established over 40 years ago, and with a recent turnover of circa £60m, JTF had been struggling to manage debts accrued as a result of the worsening retail climate and excessive head office costs.
Has JTF been sold?
Nottinghamshire-baseed discount retailer JTF has been bought out of administration , saving 230 jobs. Poundstretcher boss Aziz Tayub has bought the stricken chain and has revealed plans to expand the JTF brand by opening 15 new branches.
What happened JTF Hucknall?
JTF Mega Discount Warehouse in Hucknall has closed its doors for good . It has been reported that the company ran into difficulties as a result of forced closure of stores during the Covid-19 lockdowns which wiped out fireworks and Christmas sales – two of its largest seasonal items.
