Wed, 26 Jun 2013 | ADMINISTRATION
Three retailers, Internacionale, Modelzone and Ark, are heading for administration, all having filed a notice to appoint administrators.
The triple failure comes as retailers were due to pay their quarterly rent for the next three months on Monday.
Internacionale sells fashion wear for girls and women from about 150 stores in the UK, and has filed a notice to bring in Ernst & Young as the administrator. The retailer had failed before, entering administration in 2008, but was saved by an Indian textile firm. Plans for its expansion are understood to have come to light just weeks before the rent day hit.
ModelZone has filed to bring in Deloitte to steer the toy, gadget and model kit seller through administration. ModelZone, one of the leaders of toy retailers in Britain, had also been looking to expand. Its last accounts reveal the Lloyds Development Capital majority-owned retailer has 47 stores.
Ark, the clothing brand retailer for men and women, intends to bring in Begbies Traynor as its administrator. It has 17 stores and 400 staff. Owned by Rett Retail Limited, it is based in the North of England and was founded in Leeds in 1992.
Jonathan De Mello of property agency CBRE voiced his concern about financial pressures on the retail industry.
He told The Telegraph: “While online retailers benefit often from not having to pay corporation tax or business rates, bricks and mortar retailers have to contend with both. It is time for the Government to take action to support the retail sector, or face more retailer administrations and job losses until rates are revalued.”
Having closed 23 stores last week, furniture seller Dwell has announced that it has hired Duff & Phelps as its administrator.
Landlords are expected to be raging in the wake of this high street retail carnage, with a large hole in their pockets after missing a quarter’s rent.
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