It has been announced that the Indian parent company of home textile and soft furnishings retailer Rosebys, has bought the brand name after the chain entered administration on Friday.
GHCL has bought the brand and all shops in the chain, more than 300, will continue to trade under license until a suitable buyer can be found. The brand will then be available to license by the eventual purchaser.

However, the fate of the businesses 2,000 employees is still less than certain until administrators KPMG find a buyer willing to take the business forward as a going concern.

Joint administrator Howard Smith said: "In common with many retailers, the group has experienced difficult trading conditions, leading to continuing losses. Rosebys has recently sought to refinance, but this did not prove possible in the current economic climate. We are looking for offers for the whole or any part of the business."

All transactional facilities on the company's website have been suspended.

The news comes at a time when many retail experts and administrators are predicting a surge in the number of high street retailers going to the wall. Tomorrow will see landlords' quarterly rent call and many chain stores are expected to struggle to pay the three-month block of rent that landlords demand in one payment.