La Senza’s UK collapse

 

La SenzaThe UK arm of lingerie chain, La Senza, has collapsed into administration for the second time.

It follows the 2011 administration of the business, which was subsequently rescued by Kuwait retail operator Alshaya.

Alshaya changed its name six months ago to Marnixheath

There are 55 La Senza stores in the UK, with three Pinkberry outlets also affected.

A statement by Marnixheath said, “Every effort has been made for two and a half years to transform and revitalise the La Senza UK business, but it has continued to experience difficult trading conditions, against the backdrop of a challenging economy and the changing dynamics of the UK retail market”.

“The administrators are continuing to trade the businesses as normal for the time being whilst discussions take place with interested parties in respect of a sale. We welcome any approaches to purchase all or part of the store portfolio,” said Marnixheath.

PwC joint administrator Robert Moran said there was no alternative to the administration, and no immediate plans to close stores.

“Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending.

Marnixheath is believed to have been seeking a buyer prior to the administration. Ownership will now default to the US parent company and owner of Victoria’s Secret, Limited Brands.

The La Senza brand withdrew from the Australian market 18 months ago, citing seasonality as the main reason. It was operated locally by Specialty Fashion Group.

Comments

Comment Manually

Twitter

The rise of online shopping and people working from home has made retail an ideal target for scammers, experts warn… https://t.co/HaNxnGH8TB

20 hours ago

Executive coach Leora Givoni shares 13 tips for better crisis communication, including why it's ok to be vulnerable… https://t.co/rVxl6tfwwi

2 days ago

Bricks-and-mortar stores are back, but it's not quite business as usual. Here's how Hush Puppies, Sheike, Honey Bir… https://t.co/EgwBFwMgr4

3 days ago