Wed, 11 Jan 2012 | ADMINISTRATION
Middle Eastern retail group Alshaya has this week acquired 60 of La Senza’s 146 UK stores.
The acquisition deal will save 1,100 jobs at the lingerie retailer which is owned by equity firm Lion Capital. The deal was done via a pre-pack administration for an undisclosed sum. KPMG was appointed before Christmas to administer the underwear chain’s restructuring.
The terms of the pre-pack administration mean that 84 of La Senza’s remaining shops and 18 concessions will be closed with immediate effect, which will see the loss of 1,300 jobs.
Lion acquired La Senza in 2006 with Theo Paphitis, star of reality business TV show Dragons’ Den. However, poor trading figures and high property expenses have seen the chain perform badly.
The Financial Times quotes Mohammed Alshaya, executive chairman of the Alshaya Group, as saying, “This is a strategic investment for us and a positive addition to our extensive international retail portfolio.”
He added, “Today’s announcement represents a first step in a long-term commitment to developing the La Senza UK business, which we believe has great potential.”
The Alshaya Group currently operates over 2,000 global franchise stores for 55 different retailers. It operates in the Middle East, Russia and Poland, amongst other countries.
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