Falkirk Watt Brothers store closes as firm goes into administration
Watt Brothers which has stores across Scotland, including in Falkirk’s Howgate Shopping Centre, has gone into administration.
Administrators have been appointed to the family firm, with 229 staff throughout the country, being made redunant with immediate effect.
However, the administrators KPMG say Watt Brothers will continue to trade from the Glasgow store, where a stock clearance event will begin on October 19.
Blair Nimmo, Joint Administrator and UK Head of Restructuring at KPMG, said: “Despite the director’s tireless efforts to increase margins, cut costs and recapitalise the business, Watt Brothers continued to incur trading losses as a result of the well-publicised challenges being experienced across the retail sector.”
“Ultimately this has led to the unfortunate demise of a well-known and highly-regarded business.
“We will be holding a stock clearance event, and are grateful to the remaining staff for their efforts and assistance at this difficult time.
“We are working closely with Skills Development Scotland, via their PACE team, and JobCentre Plus to support the staff who have been made redundant.”
“We would encourage any party who has an interest in acquiring the business and its assets to contact us as soon as possible.”
In March this year, the company denied to The Falkirk Herald that it was closing its store in the Howgate saying: “I am not sure where you heard this information, but we are definitely not shutting down.”