Sheffield jobs and store at risk as Office Outlet goes into administration

The Sheffield branch of stationery supplies store Office Outlet is at risk after the chain announced it is in administration.

By The Newsroom
Wednesday, 20th March 2019, 11:20 am

The former Staples chain made the announcement this morning, putting 1,200 jobs at risk.

The firm has a branch in Eyre Street in Sheffield city centre.

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The retailer is not connected to the online-only business which trades under the Staples name.

Two partners at business services firm Deloitte were appointed joint administrators on Monday.

Office Outlet, which is owned by Hilco, the former HMV owner, has 90 stores around the UK, which will continue to trade while a buyer is sought.

The administrators said the chain had suffered as demand for stationery supplies had continued to fall and its suppliers cut the credit terms on which it trades.

Joint administrator Richard Hawes said: "In addition to a general downturn in trading as a result of the ongoing decline in the stationery market and UK retail in general, the company has recently experienced a reduction in credit from key suppliers, given the economic outlook which has severely impacted the financial position of the company."

But he went on to say he was hopeful that a buyer could be found and that the business would carry on trading "with that in mind".

Office Outlet ran into difficulty last August, when it arranged to close a number of stores under a form of insolvency called a Company Voluntary Arrangement (CVA).

Hilco bought the UK stores of US-chain Staples in 2016, renaming it Office Outlet.