The Preston, Sheffield and Warrington stores have permanently closed. Administrators at business advisory firm FRP said they were working with the pensions regulator and redundancy payments service to support the former JTF employees who were made redundant, and a specialist team was helping process claims.
Are JTF closing down?
Promoted Stories. Based in Tuxford, Notts, it started out 40 years ago as a “one-man-band” selling watches out of a barber shop but a year later in 2021, it collapsed into administration with the closure of its 14 stores and the loss of around 500 jobs.
Who is taking over JTF?
Poundstretcher’s owners have bought JTF Mega Discount Warehouse from administrators. The stores have been acquired by Bargain Buys, a subsidiary of Poundstretcher, which launched a CVA rescue plan last year. The deal includes JTF’s brand and other assets, and could see nine stores reopened.
Is JTF Stoke closing down?
But on Facebook when you searched JTF Stoke it said ‘permanently closed’. As staff we were told it was permanent. “We closed the doors on Friday and all the staff were put on full furlough.
Has JTF Walsall closed down?
A home and garden store that opened at a cost of £1.5 million in the Black Country has closed its doors after five years.
Why is JTF Leeds closed?
Bargain store JTF Mega Discount Warehouse in Leeds is ‘permanently closed’ after the company which owns it collapsed. The company has entered into an insolvency procedure called a corporate voluntary arrangement, according to Companies House.
Do you need to be a member to shop at JTF?
The best part of all of this is that at JTF Mega Discount Warehouses, everyone is welcome; all you need is one of our free memberships to shop in-store. Once you have a card, you are one of the first to know about all of our unmissable offers.
Is JTF Hucknall open?
A planning document submitted to the council states: “Unfortunately, as a result of a drastic downturn in trade, compounded by the direct effects of Covid, has led to the nation-wide closure of the JTF chain of stores with the Hucknall branch closing their doors to the public in July 2021.
Are JTF in administration?
Nottinghamshire-baseed discount retailer JTF has been bought out of administration, saving 230 jobs. Poundstretcher boss Aziz Tayub has bought the stricken chain and has revealed plans to expand the JTF brand by opening 15 new branches.
Is JTF going into administration?
JTF Mega Discount Warehouse has fallen into administration after a potential buyer pulled out of a deal to acquire the business at the last minute.
Is JTF Kidderminster open?
The Kidderminster store shut down in July as the company faced going into administration, but Poundstretcher has bought JTF Mega Discount Warehouse stores, allowing them to reopen their doors.
What is Poundstretcher called now?
Poundstretcher has begun converting stores to JTF, after rescuing the collapsed discount chain from administrators in September.
Who bought Poundstretcher?
The Poundstretcher Group is now owned by Crown Crest Group, which is run by brothers Rashid & Aziz Tayub.
Are Poundstretcher stores closing down?
But the discount store confirmed today (Tuesday, March 8) that the stores are not closing down, but instead had a half price sale ahead of new stock and new lines being introduced into stores. A spokesperson for Poundstretcher said: “We can confirm they [The Fort and Kings Heath stores] are not closing down.
What is happening on JTF?
JTF Mega Discount Warehouse has closed its stores, including one in Rotherham, having collapsed into administration. Established over 40 years ago, and with a recent turnover of circa £60m, JTF had been struggling to manage debts accrued as a result of the worsening retail climate and excessive head office costs.
