The business's management is insisting that the closures are a temporary move. Richard Harris, head of human resources with Granville Technology Group, Time's parent, said there were plans for the stores to reopen when possible, and said there was no talk of closing the whole operation for good.
The retailer confirmed that HSBC has withdrawn credit handling facilities after the company defaulted on a loan. Time is now unable to open stores while credit card payment processing is forcibly on ice. Harris said there have been no layoffs.
Time's mail order business is to continue as normal for the foreseeable. µ
Complete INQUIRER channel coverage at TheChannelINQ.net
Sign up for INQbot – a weekly roundup of the best from the INQ