CTD Closes 56 Stores, Cuts 268 Jobs Amid Insolvency

UK: The Newcastle-based brand CTD has announced the closure of 56 stores and the redundancy of 268 employees, according to statements from administrators. The company, which previously operated 86 stores across the UK and employed 425 staff, entered insolvency on Monday due to challenges stemming from a slowdown in the home improvement sector.

Administrators from Interpath Advisory revealed that a GBP 9 million (USD 11.72 million) agreement was reached with competitor Topps, which will acquire CTD's brands, intellectual property, stock, and the operation of 30 stores and distribution sites in Leeds and Kings Norton. The acquired assets, including CTD Tiles, CTD Trade, and CTD Architectural Tiles, generated approximately GBP 75 million (USD 97 million) in annual revenue.

As part of the acquisition, 92 CTD employees will transfer to Topps, while an additional 65 staff members will be retained to assist with the administration process. Unfortunately, the remaining 56 stores have been closed, resulting in the "regrettable" loss of 268 jobs. The stores and other assets acquired by Topps will continue to operate under the CTD brand name.

Source: The Sun