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Is Whittard's the next credit crunch casualty?

Published: 23 December 2008
Tea, coffee and housewares retailer Whittard of Chelsea is understood to be on the brink of administration.
Is Whittard's the next credit crunch casualty?
The Baugur-owned chain, which operates 130 Whittard stores throughout the UK, is backed by collapsed Icelandic bank Landsbanki.

Ernst & Young have reportedly been called in as standby administrators and the retailer's website this morning is trumpeting a 50% sale.

The chain was established in 1886 and made an operating loss of just under £3.2m in its last reported financial year, despite turnover of more than £45m.

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