STAFF at a Witney entertainment and leisure products retailer are set to lose their jobs after the company went into administration.
The 37 workers at Dream Direct, based in Station Lane, were given the news before an announcement was made to the Stock Exchange on Thursday.
The firm listed on the Alternative Investment Market (AIM) in 2003, but never managed to move into the black, and after issuing a profit warning in February, shares were suspended on May 4.
Administrators, Deloitte's Reorganisation Services, said certain assets of the group had been sold to another company, Express Gifts, on behalf of The Webb Group.
Angus Martin, partner at Deloitte, said: "This is the best outcome that could have been achieved. The administrators have made arrangements with Express Gifts for all outstanding orders placed by members of the public to be fulfilled."
The company which specialises in nostalgic, leisure, and entertainment-based products, aimed at the over-50's home shopping market, was set up by directors Robert Colquhoun and Ollie Vintcent in the 1990s, and moved to Bicester in 2000.
Rapid growth saw the company move to Witney in 2004, but increasing competition saw its market dwindle, and a sale of part of its business last month failed.
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