Jobs saved as Dreams set to stay (From Enfield Independent)

Four jobs saved as bed chain Dreams in Brimsdown set to stay

10:36am Wednesday 13th March 2013 in News By Hermione Wright

Bed superstore Dreams is set to stay in Enfield, despite the firm closing an expected 100 branches throughout the UK.

The chain, which employs around 2,000 people, went into administration earlier this month after struggling in "particularly tough" retail conditions.

However, Enfield's store in Mollison Avenue in Brimsdown was one of 171 Dreams shops bought by Sun Capital Partners for an undisclosed sum.

The move means the shop will remain open as normal, and four members of staff have kept their jobs.

The remaining 95 Dreams stores will be sold by administrators Ernst & Young, putting around 400 jobs at risk.

Ernst & Young administrator Alan Hudson said: “High street retailers have faced unprecedented conditions over recent years, and the market for higher value discretionary purchases has been particularly tough.

“Dreams is a well-known market leader, but in common with many others has suffered as a result of this depressed retail environment, a rapid expansion of its store portfolio and onerous lease liabilities.

“Whilst recent performance has improved, it has seen a decline in like for like sales across its store portfolio as well as its operating margins being squeezed.”

He said the sale has “safeguarded” the future of Dreams on the UK high street.