By Marcus Leach

One month after going into administration toy and novelty gift shop Hawkin's Bazaar has been sold in a management buy-out.

The owner of the chain, Tobar Group, had employed 380 staff across a network of 65 stores.

However, as part of the buy-out the administrators, Zolfo Cooper, have closed 57 stores and made around 300 staff redundant.

"We are extremely pleased to have secured the sale of the Group which puts it on a firm footing for the future," Peter Saville, partner at Zolfo Cooper said.

"We wish the group and its owners all the best for the future."

It is believed that the remaining eight stores will remain open for trade under the original Hawkin's Bazaar name.

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