Uncertainty over Dreams store
- Credit: Archant
THE future of a Portishead bed shop remains uncertain after its parent company went into administration.
Bed chain Dreams went into administration on March 5 and soon after a large majority of the business and assets had been bought by a company controlled by Sun Capital Partners.
However, the Portishead outlet has not been included in the sale which has seen the transfer of 171 stores, the head office and two manufacturing facilities.
The Wyndham Way store will continue to trade for now and administrators Ernst and Young are still seeking a buyer for it.
If a buyer is found, it is understood the shop would no longer operate under the Dreams name.
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Under the new owners, the wider Dreams business will continue to operate as a going concern, with orders lodged prior to the change to be honoured by the new owners.
The sale of most of the company has also meant 1,600 jobs have been safeguarded.
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Administrator Alan Hudson said: “High street retailers have faced unprecedented conditions over recent years, and the market for higher value discretionary purchases has been particularly tough.
“Dreams is a well-known market leader, but in common with many others has suffered as a result of this depressed retail environment, a rapid expansion of its store portfolio and onerous lease liabilities.
“Whilst recent performance has improved, it has seen a decline in like for like sales across its store portfolio as well as its operating margins being squeezed.”