A NAME that has been part of Island high streets for nearly 90 years is to disappear.
The electrical retailer Sinclair-Youngs is being liquidated, with the loss of all its 30 Island jobs, at branches in Shanklin, Newport and Ryde.
Stock from Newport, Shanklin and Basingstoke branches was being sold at half price at the Ryde High Street branch this week.
Nigel Fox, from Tenon Recovery, Eastleigh, is expected to be confirmed as liquidator at a creditors’ meeting on Monday.
Youngs was founded on the Island in 1923 and merged with Alan Sinclair of Basingstoke in the 1990s, but despite being part of the Euronics buying group, business declined in competition with big electrical retailers and internet shopping.
l And in Freshwater, Mr Fox and joint administrator Stan Coltman were continuing efforts this week to find a buyer for parts of the West Island Group and its printing equipment.
The print side of the business ceased trading before administration, resulting in job losses.
Mr Coltman said: "The companies faced a number of problems, including some significant bad debts and an overhead base too large to support its turnover within its print division. This, combined with the current trading conditions, caused the downfall of the group."
The administrators continued to trade the remaining label business in a limited capacity, by fulfilling customers’ orders, while marketing the business and assets.
Mr Coltman was this week in detailed talks with several prospective buyers.
He said: "I am cautiously optimistic a sale of the Intereel label business can be achieved as a going concern, which, if possible, will result in jobs being saved and retained on the Island."
Reporter: richardw@iwcpmail.co.uk