Wed, 17 Jul 2013 | ADMINISTRATION
Retail business Internacionale has been sold through a pre-pack administration organised by joint administrators from EY.
Thomas Jack and Samuel Woodward, partners at the accountancy firm, were appointed to handle the situation. They opted to sell the business and its assets as a going concern.
Internacionale had around 114 stores still in operation around the country and these have now all been sold to the new company, Internacionale UK Ltd, which was created as part of the process. The 18 stores that shut on 7 July before the business entered administration remain closed.
Mr Jack commented on the deal: “The business has been significantly loss making over recent years and although the directors have sought to restructure and reposition Internacionale, with significant cash investment from shareholders, it has not proved possible, largely because of the high fixed costs of the business.
"However, we are pleased to announce that a sale has been completed that sees the majority of the Internacionale business, including 114 of its stores, its head office and its finance operation, being sold to Internacionale UK Limited."
All of the 1,550 jobs with the retailer have been transferred to the new owner and trade will continue without interruption.
The news comes as Business Secretary Vince Cable has appointed Teresa Graham to take a closer look at pre-pack administrations and whether or not they provide a fair deal to creditors.
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Related information:
What is a pre-pack administration?
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