High street hairdresser chain Supercuts is potentially on the way out, as the owner has appointed administrators to sort out the mess of debts and rents and legal battles that are dragging it down and leaving staff dangerously distracted while holding scissors.
Supercuts is a brand name of Regis UK, which has appointed accountant Deloitte to give it a bit of a tidy up around the back and sides. Supercuts currently operates from 220 shops, and employs around 1,200 people, and a reorganisation process under the terms of a company voluntary arrangement has been underway for months. The CVA would've forced through rent cuts for the company's landlords, and was about to be challenged in court by representatives of landlords. Hence the throwing in of the heated towel now.
Basically the mess the business was in was akin to a child's attempt at a DIY haircut and Deloitte is now in charge of sorting it out and bringing back at least some form of fiscal symmetry, and may end up trimming off the more profitable branches to sell or shaving off and binning the entire lot, as the administration wheel of fate is now spinning and who knows where it'll stop? [Sky News]