A GLENROTHES clothing store has closed its doors following the announcement that the retailer is going into administration.
It is likely that members of staff at the Unicorn Way store of the Officers Club will be made redundant.
The sale of 46 stores, safeguarding the employment of 400 staff elsewhere in the UK, was agreed with Blue Inc immediately following the appointment of Grant Thornton UK as administrators, but the town’s store is one of 56 which have been closed with immediate effect.
Grant Thornton UK LLP partners Joe McLean and Les Ross have been appointed joint administrators.
Mr McLean said: “The company experienced particularly challenging trading conditions in 2010 with raw material costs rising significantly.
“It was not possible to pass these increases on to customers given the extremely price sensitive nature of the UK retail arena.
“The directors did not see any improvement forthcoming in the early months of 2011 and concluded reluctantly that administration was in the best interests of creditors and other stakeholders.
“It is regrettable that a purchaser for all of the company’s business and assets could not be located.”