A BID to save more than 600 jobs, including around 20 in East Lancashire, began today after the Colorvision chain was put into administrative receivership.

The company's nationwide network of 80 stores remained closed as receivers oversaw a full stock-take, but was expected to reopen for business today.

The firm, which has shops in Blackburn, Accrington and Burnley, went into receivership last night after the board requested the temporary suspension in trading "pending clarification of the company's financial position".

Joint receivers David Duggins and James Gleave, of accountants Arthur Andersen, said they had started a search for potential buyers of the stores.

"We are conducting an urgent review of the business's financial and trading prospects down to a store-by-store level," they said.

Colorvision, based in Liverpool, was hard hit by "extremely competitive market conditions".

In January, the group was the first public company to see its consumer credit licence revoked by the Office of Fair Trading after a series of dishonest practices, including selling second-hand goods as new.

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