Horsham town centre store announces closing down sale

Edinburgh Woolen Mill in West Street has put up signs announcing the sale.

EWM Group, owner of the chain appointed administrators on Friday, October 9, in response to ‘harsh trading conditions’ caused by the impact of the COVID-19 pandemic and a recent reduction in its credit insurance.

The decision gives the group ‘breathing space’ to assess its options, a spokesman said. He added: “In recent weeks EWM has received a number of expressions of interest for various parts of the group and these are being assessed along with all other options.

“At the end of this process the Group will appoint FRP Advisory as administrators who will carry out the necessary restructuring of the wider business.”

Steve Simpson, chief executive of EWM said the firm has found the past seven months ‘extremely difficult’.

He added: “This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.

“Traditionally, EWM has always traded with strong cash reserves and a conservative balance sheet but these stories and the reduction in credit insurance – against the backdrop of the initial lockdown, current local lockdowns, and the second wave of COVID-19 reducing footfall have made normal trading impossible.

“As directors we have a duty to the business, our staff, our customers and our creditors to find the very best solution in this brutal environment. We have applied to court today for a short breathing space to assess our options before moving to appoint administrators. Through this process I hope and believe we will be able to secure the best future for our businesses, but there will inevitably be significant cuts and closures as we work our way through this.

“I would like to thank all our staff for their amazing efforts during this time and also our customers who have remained so loyal and committed to our brands.”