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Credit crunch hits retailer

PUBLISHED: 17:50 01 October 2008 | UPDATED: 15:26 25 August 2010

JOBS across north Kent are at risk after a leading curtains and home furnishings retailer went into administration.

JOBS across north Kent are at risk after a leading curtains and home furnishings retailer went into administration.

Rosebys, which has branches in New Road, Gravesend, and High Street, Dartford, has become the latest victim of the credit crunch after filing for administration last Friday.

Other branches affected include stores on High Street, Orpington, Bellegrove Road, Welling, and the Broadway, Bexleyheath.

The development is affecting a total of 80 jobs across Kent and 2,000 people nationally.

Joint administrator Howard Smith, from KPMG, said: "The business is continuing to trade as normal while we review the financial position and seek a going concern sale. No employees have been made redundant to date. In common with many retailers, the group has experienced difficult trading conditions, leading to continuing losses. Rosebys has recently sought to re-finance, but this did not prove possible in the current economic climate. We are looking for offers for the whole or any part of the business."

In the year up until March 31, Rosebys made losses of £6 million.

The company owes trade creditors about £11.7 million and inter-company creditors £19 million.

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