Big brands enter into Administration again
Two big named companies have announced entering into Administration for the second time.
High street lingerie retailer La Senza and high street fashion retailer Jane Norman have both entered Administration for the second time in as many years according to latest reports.
La Senza previously entered Administration in 2012 resulting in the closure of over 80 stores across the UK, however still managed to save over 1,000 jobs. “Very difficult trading conditions” is the reson given by Marnixheath Limited who trades the La Senza franchise for their re-entry into this business rescue process.
Moran, director at PWC who have been appointed Administrators of Marnixheath Limited explains: “The Administrators are continuing to trade the business as normal for the time being whilst discussions take place with interested parties in respect of a sale. There are no immediate plans to close any stores and the Administrators shall continue to assess the trading strategy over the coming days and weeks.”
The parent company of Jane Norman, the Edinburgh Woollen Mill has confirmed that 24 Jane Norman stores will close due to being placed into Administration for the second time. They have commented that the brand will continue to trade online and overseas but will no longer have a high street store presence in the UK.
A statement by the company explains: “Like many retailers, we have seen extremely challenging conditions on the high street for several years in what is a very competitive sector in young fashion. While we have made every effort for a number of years to make those stores work, that part of the business is no longer viable.”
Grant Thornton were appointed Administrators on 24th June 2014.