Fashion chain with stores in Cookstown and Magherafelt goes into administration

Exhibit fashion stores go into administration
Exhibit fashion stores go into administration

Clothing retailer Exhibit, which operates under the name Cucco Retail Limited,  and has stores in Cookstown and Magherafelt, has gone into administration.

The brand has a total of 14 stores, and a further two in the Republic of Ireland, and around 100 jobs are affected.

The administrator, HNH Group, said in a statement today: "A general downturn in trading conditions, coupled with a significant change in consumer spending patterns over recent times, has significantly impacted on the company’s trade and has resulted in the appointment of joint administrators.

"The appointment highlights the continued difficulties experienced by independent retailers on the high street.

"The joint administrators and their staff are currently undertaking an immediate assessment of the financial position of the company and its assets. Once this is complete the joint administrators will have a clearer picture of the future options available to them.

"Our immediate priority is to communicate with the key stakeholders of the business, including employees, creditors and landlords."