Wed, 23 Mar 2011 | ADMINISTRATION
The fashion retailer Henley's has closed all of its 18 stores and put retail subsidiary Henley’s Retail into administration.
The 15 standalone and three outlets which were being operated under the Henley’s Retail company name have been shut due to 'poor trading' and 'difficult leases.' Meanwhile, Ernst & Young Tom Jack and Simon Allport have been appointed joint administrators of Henley’s Retail.
Ernst & Young's Tom Jack, said, “Henley's Retail Ltd has been suffering from poor trading conditions due to fragile consumer confidence, coupled with high lease contracts which were agreed at the height of the property market.”
News of the store closure and administration comes just weeks after the fashion retailer announced that it had plans to double its number of stores across the UK as part of a major revamp of its brand. It also referenced an expansion into 21 new locations across the country.
As a result of the administration, the focus will be shifted to the retailer's core business, Henley's Clothing. This firm supplies branded clothing to major retailers across the UK and to more than 200 independent shops located both in this country and abroad.
The firm's online store is not affected by the administration and will continue normal trading.
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LEASEHOLD
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