Fri, 03 Jan 2020 | ADMINISTRATION
Fashion retailer Joy has filed notice of its intention to appoint administrators, with reports suggesting it has put KRE Corporate Recovery on standby.
The retailer sells clothes and jewellery, among other fashion products, and employs 182 staff across 10 stores, seven of these locations are in London, with one location each in Bristol, Leeds and Brighton.
The chain was founded by Joy Maureen Chadha, who bought 12 branches after a first insolvency in September 2008. Its website describes it as a "British fashion and lifestyle brand, renowned for vintage inspired womenswear, classic yet contemporary menswear, unique accessories and quirky gifts".
This administration comes just over two years after a 2017 administration, which was managed by KRE Corporate Recovery, in which there were 78 redundancies. In 2017, the chain was saved from collapse through a pre-pack deal with its founders.
Despite Joy’s administration, new KPMG figures have show that the high street saw fewer administrations in 2019 compared with 2018, with administrations declining 30 per cent overall.
Sales are predominately generated through the company’s comprehensive e-commerce website which enables the business to distribute goods to clients both domestically and internationally.
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