Miss Sixty, the fashion label, was placed into administration this week after falling victim to the credit crunch and failing to repay a loan to its Italian parent.
Sixty UK, the Italian company that also runs the Energie fashion label, has been put into administration by Vantis Business Recovery Services, a division of the tax and business advisory group Vantis.
The company trades from 12 high street outlets in the UK as well as in concessions in major department stores, such as Harrods and House of Fraser. Sixty UK buys its fashion goods directly from its parent rather than manufacturers.
Sixty Group operates mainly in Europe and also has branches in the US, Africa, the Middle East, Asia and Australia.
The Sixty Group was created in 1990 and then launched in 1991. Sixty set up its first branch in America in 1992.
While sales reached £28m in the year to December 31, 2006, it also ran up losses of £2.3m.
Plans for any redundancies among the company’s 250 employees have not yet been made. The business is trading as normal and all shops and concessions remain open.
