Is JTF open during lockdown?
ReSolve was engaged to review the options available alongside the JTF management team and it was agreed that promoting a CVA (Company Voluntary Agreement) with creditors would enable JTF Wholesale to continue to trade, despite it being during lockdown in the COVID-19 pandemic.
Why is JTF closed?
JTF Mega Discount Warehouse has closed its stores, including one in Rotherham, having collapsed into administration. Established over 40 years ago, and with a recent turnover of circa £60m, JTF had been struggling to manage debts accrued as a result of the worsening retail climate and excessive head office costs.
Is JTF Peterborough closing down?
A discount retailer in Peterborough is closing temporarily ahead of a move to new premises. JTF Mega Discount Warehouse, in Padholme Road East, is holding a half price sale on all goods as it prepares for the planned closure at the end of trading on May 31.
Who has bought JTF?
Poundstretcher
Poundstretcher’s owners have bought JTF Mega Discount Warehouse from administrators. The stores have been acquired by Bargain Buys, a subsidiary of Poundstretcher, which launched a CVA rescue plan last year. The deal includes JTF’s brand and other assets, and could see nine stores reopened.
Is JTF going bust?
JTF Mega Discount Warehouse has fallen into administration after a potential buyer pulled out of a deal to acquire the business at the last minute. However, plans to take the business forward were disrupted by the Covid-19 pandemic. …
Is JTF an essential shop?
As an essential retailer, JTF has remained open throughout the course of the pandemic, responding with agility to the demands of the current situation to ensure safe and secure shopping experiences for its customers through contactless delivery services and strict adherence to social distancing guidelines in store.
What is happening at JTF?
Forty-year-old discount chain JTF Mega Discount Warehouse has collapsed with the loss of 500 jobs. The variety discounter had 12 stores in retail parks in the midlands and north of England, but closed them all between the end of May and Friday last week.
What does JTF stand for?
Joint Task Force
JTF is an abbreviation of Joint Task Force.
Who are the new owners of JTF?
In early 2020 the business was acquired by Arthur Harris who immediately implemented a restructuring plan which significantly reduced head office costs.
What are Mfrs?
The Malaysian Financial Reporting Standards (MFRS) framework was introduced by the Malaysian Accounting Standards Board (MASB) and came into effect on 1 January 2012.