THERE was mixed news for two Isle of Wight businesses today (Wednesday).
Travel Agent Thomas Cook, which has a store in High Street, Newport, has announced it is considering closing 195 high street stores, making 2,500 staff redundant, as part of its three year programme to transform the business.
The retailer has 1,069 stores and has entered into a 90-day consultation with employees.
It said the stores that could be closed had failed to meet targets and were in communities with more than one branch. The company declined to comment on the future of its Island branch.
Dreams bed shop in Newport, which was under threat after the company went into administration yesterday (Tuesday), has been saved thanks to a deal struck by administrators today.
Alan Hudson, joint administrator, said: "Dreams is a well known market leader, but in common with many others has suffered as a result of this depressed retail environment, a rapid expansion of its store portfolio and onerous lease liabilities.
"While recent performance has improved, it has seen a decline in like for like sales across its store portfolio as well as its operating margins being squeezed. This has resulted in the business being unable to continue to operate outside of administration.
"However, we are pleased to announce that a sale has been completed that sees the majority of the Dreams business including 171 of its stores, its head office and its two UK manufacturing facilities being sold to a new company controlled by Sun Capital Partners. The business will continue to trade without interruption, over 1,600 jobs have been transferred and the future of Dreams on the UK high street has been safeguarded.
"The remaining stores that are not included in the sale will remain open for business whilst the Administrators seek to find buyers for these stores."
Reporter: sarab@iwcpmail.co.uk