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Toy retailer enters administration

Date Added: 10/09/2013  

A toy retailer based in the Midlands has confirmed it has gone into administration.

Dominoes Toys, which was a Leicester family-run business for the last 30 years, has closed its doors as a result of financial issues, reports Toy News.

Tyrone Courtman and Nick Edwards from Cooper Parry's East Midlands team will take control of the finances of the company after they were appointed the administrators of the business.

Some 18 of the 28 members of staff at Dominoes Toys have been made redundant in the last few weeks as the firm prepared to be wound down due to its financial difficulties.

The store was named the best independent toy store in Britain at the Toy Industry Awards in 2011, but the last two years have seen the company struggle with a wide range of trading issues.

Mr Courtman described the firm as a "much-loved" business that has enjoyed many years of success. He added: "However, with increased competition from supermarkets and online retailers a long-term, viable and profitable future for the business was unlikely.

"As part of the administration process we will be continuing to trade as normal for the time being whilst the position is assessed and will be seeking a buyer for the company's business as a going concern."

The news of the failure of Dominoes Toys comes only a short time after a report from former Iceland and Wickes chief executive Bill Grimsey suggested thousands of retailers in the UK are at risk of going out of business.

It was claimed in the report that as many as one-eighth of firms in the sector may be forced to close down within the next three years as a result of their financial problems.

Companies in trouble need to take business debt advice as early as possible if they are to work through their issues and secure a brighter future for the firm.

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Posted by Michael Beam

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