Restructuring specialist GA Europe has acquired the debt of troubled retailer TJ Hughes for an undisclosed sum, just three months after entrepreneur Anthony Solomon and Endless took ownership.

Restructuring specialist GA Europe has acquired the debt of troubled retailer TJ Hughes for an undisclosed sum, just three months after entrepreneur Anthony Solomon and Endless took ownership.

The Liverpool-based department store chain went into administration last week, although its website reassures customers that it has not ceased trading.

The firm will continue to work with the administrators Ernst & Young, led by Tom Jack and Simon Allport, by trading the stores and assisting them in examining the options available to the retailer, according to a statement.

The joint administrators have previously stated that they would like to find a buyer or buyers for at least part of the business.

It is now thought that a significant number of the 57 TJ Hughes stores will be forced to close as the business continues to struggle.

TJ Hughes was the subject of a management buy-out in 2003 and in March this year it was sold to turnaround specialists Endless, who injected additional funds for working capital.

Retail entrepreneur Solomon teamed up with Endless to secure the acquisition, in their third joint venture together.

At the time, Solomon admitted that ‘the customer proposition has not been good enough recently’.

The retailer has 4,000 employees, 3,500 of whom work in its stores.

GA Europe is a subsidiary of the Great American Group and specialises in resolving complex or distressed situations.