Partly Cloudy

Partly Cloudy

max temp: 17°C

min temp: 13°C

ESTD 1874 Search

Retail: Lingerie chain La Senza falls into administration

16:44 01 July 2014

A branch of lingerie retailer La Senza which has gone into administration for the second time in just over two years.

A branch of lingerie retailer La Senza which has gone into administration for the second time in just over two years.

More than 750 retail jobs are at risk after the UK stores of lingerie chain La Senza went into administration for the second time in just over two years.

shares

A corporate rescue team from PwC said it will listen to offers for the 55-store chain, which was rescued by the UK arm of an Arabian retail group in 2012.

Marnixheath, which operates the La Senza stores in the UK as well as three Pinkberry frozen yoghurt outlets in London and the South East, employs 752 people across England, Wales and Scotland.

Robert Moran, who has been appointed joint administrator of Marnixheath, said: “Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending.”

PwC will continue to trade the businesses as normal whilst discussions take place with interested parties over a sale. The North American operations of La Senza and others worldwide are unaffected by the administration.

Mr Moran added: “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.”

Staff have been paid and will continue to be paid for their work, he added.

When La Senza collapsed into administration in 2012, there were 1,300 redundancies and the closure of more than 100 outlets.

However, 1,100 jobs were saved when 60 of its stores were sold by KPMG to the UK arm of Kuwait-based Alshaya. The UK business changed its name to Marnixheath in January.

shares

1 comment

The views expressed in the above comments do not necessarily reflect the views of this site

A computer-generated image of how the Sizewell complex will look after construction of Sizewell C.

Development of Sizewell C took a huge step forward today as the companies were announced that will build its sister nuclear power station in Somerset.

Lloyds has added £1.4billion to its bill for compensating customers mis-sold payment protection insurance.

State-backed Lloyds Banking Group’s provision for payment protection insurance mis-selling has topped £13billion after it yesterday took another £1.4billion hit over the scandal.

Gary Allen, operations manager,  with Diane Allen and Graham Allen at Ipswich-based Ajax Domestic Spares which is celebratiing 40 years in business.

Ajax Domestic Spares has marked 40 years in business in style by launching a new showroom in Foxhall Road, Ipswich.

The Great House restaurant with rooms in Lavenham.

An award-winning Suffolk restaurant has gained another accolade after being ranked the 26th best in the country.

Gavin Patterson, chief executive of BT.

Photo: BT

BT is to pay out up to £129million to extend the Government-led roll-out of superfast broadband, after a bigger-than-expected take-up of the service.

Centrica has reignited controversy over high energy bills by announcing a 44% increase in first half profits at its British Gas retail division.

Energy giants Royal Dutch Shell and Centrica today revealed plans to axe a total of more than 12,000 jobs.

The Willis building in Ipswich.

Around 200 people are to lose their jobs at the Ipswich office of global insurance broker and risk management group Willis.

Christopher Hayman of Hayman Distillers with his children Miranda and James.

Essex gin maker Hayman Distillers is celebrating after winning a Gold award at this year’s International Wine and Spirits Competition (IWSC).

Bakery chain Greggs saw like-for-like sales rise 5.9% in the six months to July 4.

Higher breakfast sales and a bigger range of healthier products helped Greggs grow underlying profits by 51% in the first half of the year.

Barclays chairman 

John McFarlane.
Photo: VisMedia

Barclays boss John McFarlane today signalled plans to ramp up growth, squeeze costs and streamline the business after announcing a 25% rise in first half profits.

Most read

Most commented

Topic pages