Fri, 18 Jan 2013 | ADMINISTRATION
Men's retailer Gio Goi has entered administration, marking the fourth retailer of 2013 to do so.
The company's troubles have been a long time coming. Last summer it confirmed that its three high street stores – based in Aberdeen, Glasgow and Manchester – were to close as part of an attempt to restructure the business and return it to growth.
It continued to sell its branded clothing through JD Sports, Littlewoods, Republic Lifestyle, USC and a number of other independent retailers.
However, the change in tactic appears to have failed and Gio Goi has now brought in administrators Jane Moriarty and Colin Haig from KPMG.
Ms Moriarty commented: “Following a restructuring programme last year, Gio Goi was unable to return to growth levels enjoyed up until 2009 and has become another victim of the recessionary environment.
“We are now looking to sell the business and assets, and will continue to satisfy customer orders pending a sale of the business.”
The company had a close association with the Manchester music scene in the late 1980s but was relaunched in 2005 by USC co-founders David Douglas and Angus Morrison, along with a group of backers.
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