An electrical retailer that has traded in the Midlands for more than 50 years has collapsed and all but six employees have been laid off.
Webb Bros, an electrical retailer which operates seven stores across the Midlands, with five of the stores trading as Panasonic outlets, has announced it has gone into administration.
The company had employed 21 members of staff, but 15 have been made redundant as a result of the collapse, after six stores were closed, leaving only the Cannock outlet trading.
Steven Stokes and Gerald Smith, of FRP Advisory, the restructuring, recovery and insolvency specialists, were appointed Joint Administrators of the company on 19 March 2012.
Mr Stokes, director at FRP Advisory, said: “Due to the challenging and volatile retail market, including significant pricing pressure from online competitors, the business experienced significant cash-flow difficulties resulting in a continual drain on financial resources.
“All stores have ceased trading except the Cannock store, which we hope may form part of a potential sale, which we hope to complete in the coming days.”
The Webb Bros stores were located in Cannock, Stoke-on-Trent, Stafford, Solihull, Walsall and two stores in Stourbridge.