Footwear retailer Treds rescued from administration

UK footwear retailer Treds has been acquired by retail company New Gray Ltd. after falling into administration last month.

Ross Connock and Zelf Hussain of PwC were appointed joint administrators of Treds on 29 January, placing 159 staff members at risk of losing their jobs. The acquisition by New Gray has secured these jobs, as well as all 21 Tred stores and its online business.

"This deal safeguards the jobs of all 159 members of staff and the continued trading of all 21 stores,” PwC director and joint administrator, Ross Connock, said in a statement. “In an extremely challenging environment, the sale provides a much needed boost for the retail sector and high street and stability for employees."

Photo credit: Treds, Facebook