The Joint administrators of the JTF Mega Discount Warehouse business have confirmed that three stores of JTF’s stores will stay permanently closed. This follows Poundstretcher’s acquisition of the JTF intellectual property rights and nine of its stores, excluding those in Preston, Sheffield and Warrington.
Following the buy-out by Bargain Buys, a discount store chain and subsidiary of Poundstretcher, nine stores will reopen in Barrow in Furness, Hucknall in Notts, Kidderminster, Kingston upon Hull, Leeds, Lincoln, Stoke, Tamworth and Newcastle.
Poundstretcher co-owner and chief executive Aziz Tayub said that it would be taking on around 230 former JTF employees to run the shops, and that plans are to open another 15 JTF branches by next spring.
FRP partner and joint administrator Marco Piacquadio said: “The JTF Mega Discounts brand now has a future. We wish the business venture all the best as it looks to rebuild the business, re-open certain stores and trade online. “As part of our role, we are also committed to working with the Pensions Regulator and Redundancy Payments Service to support around 500 former employees who were made redundant by the former directors of the business prior to our appointment.”
JTF will continue to operate on a membership club system.
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