More than 100 jobs at risk as clothes retailer Exhibit goes into administration
Published 18/10/2016 | 19:26
More than 100 jobs are at risk after clothes retailer Exhibit went into administration.
Exhibit, which was established in 1983, has 14 outlets in Northern Ireland and two in the Irish Republic.
A downturn in trading conditions and changes to consumer spending patterns have been blamed for the business's downfall.
The HNH Group has been appointed administrator of Cucco Retail Limited, which traded as Exhibit.
A statement from joint administrators at HNH, James Neill and Rachel Foster, said: "A general downturn in trading conditions, coupled with a significant change in consumer spending patterns over recent times, has significantly impacted on the company's trade and has resulted in the appointment of joint administrators.
"The appointment highlights the continued difficulties experienced by independent retailers on the high street.
"The joint administrators and their staff are currently undertaking an immediate assessment of the financial position of the company and its assets.
"Once this is complete the joint administrators will have a clearer picture of the future options available to them.
"Our immediate priority is to communicate with the key stakeholders of the business, including employees, creditors and landlords."