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Almost 100 retail jobs were under threat today after Blacks Leisure put its surfing and boardwear arm Sandcity, which trades out of 11 stores branded O'Neill and Freespirit, into administration.
The outdoor clothing retailer called in KPMG after the lossmaking Sandcity business — which includes stores in Covent Garden and Guildford — took Blacks to the brink of breaching its covenants.
Reader views (1)
The reason they are going into administration, is that probably all the stores are in rented in shopping centres where the rents are sky high, thereore they have no assets to borrow against. You only have to go into these and other simalar stores and see that the staff outnumber the paying customers, Its now just a matter of when.
- Jim Allan, Lake District, 24/09/2009 07:58
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