Tue, 03 Apr 2012 | ADMINISTRATION
Women’s clothing fashion retailer Ellie Louise has been placed into administration due to financial problems.
Zolfo Cooper has been brought in to manage the administration process for the troubled firm. The administrators are to trade the business while exploring the “ best possible outcomes”.
Cash flow issues in the difficult trading environment in the retail sector had affected Ellie Louise. It had bought Happit out of administration in 2008 and the Trade Secret brand in 2010, which worsened the situation, according to the administrators.
Ellie Louise operates its 97 shops under the Budget Box, Gimbles, Seconds Ahead, Trade Secret, Happit and Ellie Louise brands. Based in Leeds, the firm was established in 1980. Its products include clothing, footwear, lingerie and jewellery.
Graham Wild, Partner at Zolfo Cooper, commented: “Unfortunately, as with many other fashion retailers exposed to declining consumer spend, challenging trading conditions have led to increased financial pressure on this well-known brand.
“We intend to trade the business in order to ensure that we identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors.”
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