Wed, 03 Jul 2013 | ADMINISTRATION
The luxury fashion and homewares brand Nicole Farhi has entered administration after falling victim to the same cash flow difficulties that have plagued other retailers on the high street.
Nicole Farhi is to continue to trade while its administrators at Zolfo Cooper enter into talks with potential buyers.
Peter Saville, a partner at Zolfo Cooper, told the BBC, “Nicole Farhi is a very powerful retail brand. Unfortunately, as with many other fashion retailers, the decline in High Street spend couple d with rising costs has let to increased financial pressures on the business.
“We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand.
“We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors. As the work continues we will make further announcements as appropriate.”
Nicole Farhi has five stores and also has concessions in Harvey Nichols, House of Fraser and Selfridges throughout Britain. It has 75 staff manning its retail presence with a further 44 employees at its head office in London.
It was launched in 1982 by the French Connection boss Stephen Marks and Nicole Farhi, who were together at the time. It was created as a sister company to French Connection.
Any customers with gift vouchers can continue to use them as normal, Zolfo Cooper said in a statement.
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