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The future of Christian bookshop chain, Wesley Owen, hangs in the balance after parent company IBS-STL announced Friday (18th December) it had gone into administration.
Russell S Cash and Don Bailey of Baker Tilly Restructuring and Recovery have been appointed joint administrators. In November, Baker Tilly was brought in to "pursue the sale" of its operations after it experienced a succession of financial problems.
Although it is yet to be confirmed, reports have said that Christian Literature Crusade, a chain comprising 15 Christian bookshops, has purchased six stores. Also according to the reports, Christian bookseller Koorong has bought a similar number of shops.
David Young, IBS-STL's UK general manager had previously told The Bookseller that there had been a "significant level of interest" from buyers for the bookselling chain.
IBS-STL UK has three trading divisions: Authentic Media, a book and music publisher; STL Distribution, a distributor of Christian resources and Wesley Owen Books and Music, a retailer with 40 shops in the UK. The charity employs 490 people.
There has also been speculation of the sale of Authentic Media's book publishing division to Koorong and STL Distribution being bought by Scottish book wholesaler John Ritchie.
A message to customers at Wesley Owen read: "All gift vouchers issued to customers would normally be irredeemable in the event of administration. However the administrators agree that vouchers (issued pre-administration) can be redeemed if customers are willing to spend the equivalent cash value of the voucher when making the purchase." No vouchers will be sold or issued now that the company is in administration.
Wesley Owen Edinburgh's Facebook page said: "We are now in administration and will be closing shortly. As will almost all of the Wesley Owen shops. I thank you all so much for your support and can I ask you to pray for all of the staff that received the devastating news today at 5.35."