Mon, 24 Feb 2014 | ADMINISTRATION
Fashion retailer Internacionale is set for liquidation, resulting in 1,500 jobs being lost.
The high street women’s clothing chain, which is losing £10 million a year, has 97 stores across the UK. All of these stores will close if a buyer is not found over the next month.
According to The Telegraph there are two buyers that have declared an interest in buying Internacionale but the company is still preparing for liquidation, with PwC set to be appointed as administrators to the business.
The news came after FC Fund Managers took control of the fashion company last week having bought £35 million of its debt. Shops in Swansea and Cardiff have also recently been closed.
Last week’s take over resulted in 20 – roughly half – of Internacionale’s staff in its Glasgow-based head office being made redundant.
Back in July 2013 Internacionale only narrowly avoided entering administration when the business and its assets were sold to businessmen Raj Sehgal, Naresh Abrol and William Milton.
At the time, the company was struggling with £19 million of debt and Ernst & Young’s Tom Jack, the administrator to Internacionale, said: “The business has been significantly loss making over recent years and although the directors have sought to restructure and reposition Internacionale, with significant cash investments from shareholders, it has not proved possible largely because of the high fixed costs of the business.”
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