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Rescued Works looks back to books
15.05.08 | John Ryan
Discount chain The Works, which was bought out of administration last week by private equity company Endless, is to return to its core values, according to newly installed c.e.o. Anthony Skitt.
Skitt, the former c.e.o. of failed DVD rental business ChoicesUK, who led the management buy-in, said that as part of the deal the chain would benefit from £12m of new working capital. This funding, he said, was drawn from a combination of HSBC and Endless, and would be used to help the new team return The Works to profitability.
"When we look at the business, we think that The Works is in its own space," he said. "Somebody once said that The Works is 'a destination for impulse purchases'—you know why you're going there, you just don't know what you are going to buy." Skitt ruled out any "mad dash" to open more stores, and said that instead there would be a concentration on giving the business a more clearly defined offer.
He added that there had been a tendency for the gifts category to take over: "What I don't like is books dotted all over the shop. Our primary product is books, and let's not lose sight of it."