Less than a year on from Ted’s Cameras acquiring the three remaining stores in the Paxton’s group Hornsby and Parramatta have been closed, with Paxton’s Chatswood temporarily closed for refurbishment and re-branding.
‘Both Parramatta and Hornsby have closed due to lease demands from the landlord being unrealistic. Deals could not be done!’ Ted’s CEO, Nic Peasley told PhotoCounter.
‘Paxton’s Chatswood is being refitted now and will reopen as a Ted’s store in September. Planning is well advanced on the next incarnation of the Paxton’s brand.’
When we followed up on ‘the next incarnation of the Paxtons brand’ comment, Nic declined to elaborate except to say ‘…their are a number of opportunities that we are looking at now.’
At the time of the acquisition last November Nic stated in a press release: ‘Paxtons is an iconic NSW imaging retail brand that we are privileged to welcome to the Ted’s family. The staff at Paxtons are all long serving loyal retailers and will be critical to the future success of this business under the Ted’s structure.
Ted’s initial plan was to have four Sydney outlets including their flagship Pitt St store. As it stands the group now only two stores: Sydney and (in September) Chatswood.
At the time we wrote that it was anticipated that the majority of Paxtons’ retail staff would be re-employed by Ted’s and Nic Peasley confirmed today that ‘virtually all (Paxtons) staff have been retained within our business.’