It followed Time’s announcement last week that it had closed 22 stores across the UK. But the retailer insisted ten outlets would be relocated and it was looking to retain the staff that were affected.
Although a spokeswoman at the company proposed various reasons for the closures — ranging from too many stores in one area to the expiring of leases — she argued the strategy had proved “correct” and beneficial as sales had increased over the last week.
A spokesman at Supanet, confirmed city financiers, Close Brothers, had been appointed to pursue additional investment for expansion purposes.
“Close Brothers was appointed to look at different financing options primarily for an IPO or a joint venture. A sale has not been top of the list, but there are a variety of ways of looking at getting finance to help growth, and that is a consideration,” said the spokesman.
Meanwhile, MicroScope has learned that Tiny’s recent round of redundancies has left it without senior sales directors.
Following the departure of UK sales manager Steve Precious last year (see MicroScope 5 December) both southern and northern regional sales managers, Jeff Watson and Dave O’Burn, are no longer working at Tiny.
A company spokeswoman confirmed they had left the group as part of the recent round of redundancies. “65 to 70 jobs were made redundant. We still have area managers, but we have taken a layer of management out,” she said.
Tiny has also reduced its headcount in the US but denied that it was pulling out of the country. Last week, Tiny announced a broadening of its product range to include digital entertainment.