Hiho goes into administration
Shops closed but management team buys some assets so business can continue to trade on the internet and at major events.
THE Hiho chain of shops has gone into administration, The Midweek Herald can reveal.
Hiho, which sells silver jewellery and aluminium houseware products, unexpectedly closed its doors in Honiton last week, but the company’s management team says it has purchased some of business’s assets and is determined to continue the business and will carry on trading via the internet and at major events .
A statement posted on Hiho’s website said: “Due to extremely difficult trading conditions on the high street the company that previously owned the shops has entered administration.
“The former management team have purchased certain assets from the administrators with a view to running this website and mobile events.”
The shop is part of a chain which has a number of stores across the South West and was established in 1995.
HiHo’s company directors added: “Over the past few weeks, we have had to make some really tough choices. We know we have let some of you down and for that we are really sorry, but we are going to try to make it up to all of you through sheer hard work and a determination to succeed with this business.
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“We have been truly humbled by the incredible support of our staff and customers, who have been amazing.
“Through the unexpected, but incredible, generosity of a select few we have managed to purchase certain assets so that we can run a website and the shows.”