• Office Outlet goes into administration

        • Formerly known as Staples, before its owners agreed to sell the UK retail business to Hilco in 2016, Office Outlet announced on its website that Richard Michael Hawes and Daniel Francis Butters were appointed Joint Administrators of SUK Retail Limited t/a Office Outlet and SUK Oldco Limited on 18th March 2019. 

          The statement goes onto say that the affairs, business and property of the companies are being managed by the Joint Administrators and they are acting as agents of the companies and contract without personal liability.

          The chain had launched a Company Voluntary Arrangement (CVA) in August last year but this controversial insolvency measure did not pay off. The administration will put over 1,000 jobs at risk.

          Zoe Mills, UK Retail Analyst at GlobalData said, "the stationery market is booming, forecast to grow 3.6 per cent in 2019 and far outpacing UK non-food growth. However, following Paperchase’s CVA announcement earlier this month, yet another stationery retailer is in trouble.

          “Growth in this market is being driven by arts and craft and the discounters and value players with a strong focus on this category, such as The Range, B&M and Home Bargains are stealing share from more established, traditional stationery specialists. With this market now much more competitive than it was in Staples/Office Outlet’s prime, the retailer has been unable to adapt to retain its position in the market.

          “Office Outlet’s announcement has not come as a shock, since Hilco acquired it the change from Staples to its current name has ensured that it has faded from customers’ minds as a destination for stationery. Unlike with HMV, another rescue from administration is unlikely to happen.”

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