Hughes & Hughes bookseller goes into receivership

Nationwide bookselling chain Hughes & Hughes has gone into receivership today.

"It is with great regret and disappointment that the directors and management of Hughes & Hughes have invited Ulster Bank Ireland Limited to appoint David Carson of Deloitte as receiver to the company," said a statement from the company.

The firm blamed declining consumer demand, the sterling exchange rate, competition from internet retailers and inflexible rents for the collapse.

"In common with all retailers, Hughes & Hughes have been operating in an environment of collapsing consumer demand due to the weakness of the economy and the exchange rate differential with sterling," sais the statement.

"Bookshops also have the added factor of the revolutionary wave of internet competition to deal with.

"Further, by virtue of the majority proportion of Hughes & Hughes business being generated through our airport concessions the business has been particularly badly hit by the collapse in passenger numbers passing through Dublin & Cork airports.

"The difficulty of being unable to sufficiently renegotiate occupation costs either on the High Street or in the airports is also common to many Irish businesses at present, particularly in the retail sector.

"Indeed the unwillingness to reduce rents has been in stark contrast to the approach of our employees who were willing to make the adjustments necessary to support the business."

More on this topic

Zara to close 1,200 stores worldwideZara to close 1,200 stores worldwide

197 jobs lost as Mothercare Ireland goes into liquidation197 jobs lost as Mothercare Ireland goes into liquidation

Bombardier plant in Belfast braced for 600-plus job lossesBombardier plant in Belfast braced for 600-plus job losses

Debenhams takes axe to hundreds of head office workersDebenhams takes axe to hundreds of head office workers

More in this Section

'Be vigilant': HSE issues warning over contact tracing text scam'Be vigilant': HSE issues warning over contact tracing text scam

Reimagined Galway 2020 programme will be largely onlineReimagined Galway 2020 programme will be largely online

Taoiseach: Phase four re-opening may be delayed over fears around gatherings and house partiesTaoiseach: Phase four re-opening may be delayed over fears around gatherings and house parties

'Continue to protect each other': Health officials urge those socialising this weekend to be 'responsible''Continue to protect each other': Health officials urge those socialising this weekend to be 'responsible'


Lifestyle

Eve Kelliher explores temples of Zoom to get verdict on relocation from boardroom to spare roomWhat we've learned from world's biggest remote working experiment

As those of us who love to have friends round are tentatively sending out invitations, we’re also trying to find a workable balance with necessary social distancing rules, writes Carol O’CallaghanTable manners: How to entertain at home post-lockdown

Helen O’Callaghan says asthma sufferers need to watch pollen levelsBreathe easy: Pollen tracker protects asthma sufferers

Testosterone levels drop by 1% a year after the age of 30, so should all middle-aged men be considering hormone replacement therapy to boost their mood and libido? asks Marjorie BrennanHow male hormone deficiency can impact both mood and libido

More From The Irish Examiner