Joy files notice to appoint administrator
Joy, the fashion and lifestyle retailer, has filed notice of its intention to appoint administrators, two years after it was bought back by its founders in a pre-pack administration deal.
According to the Sunday Times, the 10-store chain, which employs 182 staff, has lined up KRE Corporate Recovery to handle the process. Should the administration go ahead, it would lead to the third collapse of the retailer, which was founded by Joy Maureen Chadha.
The company first collapsed in 2008 when Chadha bought the company back and salvaged 12 stores. In 2017 it entered administration again, a process which was also handled by KRE Corporate Recovery. It was bought back by Chadha in a pre-pack deal after 78 jobs were lost.
Joy operates seven stores in London as well as stores in Leeds, Brighton and Bristol. It sells a range of womenswear, menswear, homewares and gifts.
It looks set to become the first casualty of a very challenging Christmas trading period for retail with footfall down in the lead-up and the immediate aftermath of the festive period, capping a tough year. This morning it was revealed that 61 retail stores closed their doors for the final time every day during 2019 with experts predicting more pain in 2020.
