Administrators close doors at Laser Electrical

Laser Electrical, the largest locally owned electrical retailer in Northern Ireland, has had the doors closed in its 10 stores throughout the country as administrators failed to find a buyer.

John Hansen, joint administrator at KPMG said:

“It is with regret that the rescue of the business as a going concern has not been possible and that the majority of employees have now been made redundant,” said KPMG’s John Hansen, the firm’s joint administrator.

The decline of the retailer is thought to have come about as a result of the large reluctance to spend among the Northern Ireland public as well as increased competition from the large supermarkets which are offering more and more electrical goods on their shelves.

The closure is a huge blow to the Northern Ireland economy and to the 140 staff employed in the 10 stores.

Glyn Roberts, chief executive of the Northern Ireland Independent Retail Trade Association commented that:

“It is further proof that we are in no way in a sustainable recovery as retailers continue to struggle with a downturn in spending,” he said.

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