Fri, 28 Feb 2014 | ADMINISTRATION
Internacionale, the fashion retailer specialising in women’s clothes, has officially entered administration today, with a sale being sought.
Earlier in the week we reported that the high street clothing chain was facing liquidation if it could not find a buyer in the near future. Today (28 February) it was announced that Internacionale has gone into administration while a new buyer is sought.
PwC’s Bruce Cartwright, Lyn Vardy and Toby Underwood have been appointed as joint administrators. The trio is planning an “orderly wind-down” of business but they have urged any parties that are interested in buying parts of the business to come forward.
Internacionale has 89 stores across the UK and PwC plans to keep these trading while the search for buyers continues. As a money-saving measure the company recently made 90 redundancies, mostly in its Glasgow-based head office. However, over 1,000 jobs still remain at risk if the sale of the fashion retailer is not completed.
PwC’s Bruce Cartwright said that despite the best efforts of everyone involved to try and find a solution to preserve the business, the decision was made to perform an orderly wind-down of the fashion retailer. The “fiercely competitive” nature of the retail sector was cited as a key reason for this course of action.
Cartwright continued by emphasising that “we welcome any approaches to purchase parts of the store portfolio and safeguard jobs. We intend to continue to trade over the coming weeks in order to sell as much of the retail stock as possible and maximise the return to creditors.”
However he did conclude by stating that if buyers cannot be found then “it is inevitable that redundancies and store closures will become necessary as the administration process continues.”
______________________________________________________________________
Related information:
Profit from buying a distressed business
Discover the chance to acquire a reputable RICS-regulated expert witness agency in the chartered surveying sector. The company's main focus is on property-related disputes and claims.
This reputable car servicing and MOT testing company, located near a bustling city centre, is equipped with state-of-the-art technology and has a strong presence in the market with potential for expansion into the electric vehicle sector.
This is a unique opportunity to acquire a well-established scaffolding supply business in Scotland, offering comprehensive services and working with blue-chip clients across various industries.
01
|
Apr
|
Law firms merge to create regional powerhouse | MERGER
A Lincolnshire and Yorkshire law firm have announced they ar...
01
|
Apr
|
Jackson Jackpot falls into administration | ADMINISTRATION
Online competition business Jackson Jackpot Ltd has gone int...
01
|
Apr
|
UK administrations: March 26 – April 1 | ADMINISTRATION
Since our last update, the following businesses have been co...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.