tReds was on the brink of closure, their staff was for sure to lose their jobs, and all their branches were about to shut their doors. But New Gray Ltd. does not want that to happen, and they saved tReds by purchasing the fashion retailer company, according to PricewaterhouseCooper (PwC).
New Gray Ltd.’s purchase of the fashion retailer includes all of its branches in the UK, its online store, and employees intact. Hence tRed’s 21 branches will remain open, and its staffs are no longer in jeopardy of losing their jobs. However, while tReds was still on sale, their stores were still operational. According to PwC administrator and director, Ross Connock, over 159 staff members from all 21 stores were saved from unemployment due to this deal with New Grays Ltd.
The competitive environment in the retail sector was a key factor in why tReds was in trouble. And according to Connock, this deal was a much-needed sale to give tReds a boost. Connock added that other retail stores are also facing similar challenges; this includes the uncertainty in the economy and the constant changes in consumer behaviors.
tReds was founded in December 1996 in the seaside town of Weymouth. They had success in Weymouth, which gave them the opportunity to expand in nearby towns such as Bournemouth and Poole. Their vision is to bring affordable, up to date fashion, to cities and towns across the country with quality service.
tReds sells fashionable items for both genders, ranging from shoes, sandals, boots, flip-flops, slippers, bags and purses, socks, dresses, suits, hoodies, jackets, coats, trousers, jeans, t-shirts, polo shirts, jumpers, cardigans, and many more. Some of the brands they sell have well-established names such as Converse, Fly London, K-Swiss, Fitflop, Lacoste, UGG Australia, and Keds.