Escom stores shut down

In a press release issued today, chartered accountant Deloitte & Touche said that companies that had looked at the possibility of an acquisition had only wanted to operate a few stores or buy up stock.

Receiver Nick Dargan said: "It is disappointing that the business as a whole cannot be sold but, given the oversupply in the retail market and rapidly declining margins in the sector, it was always a possibility."

Deloitte & Touche is continuing to seek a buyer for leaseholds and stock.