Tue, 15 Jan 2013 | ADMINISTRATION
Troubled women’s lingerie retailer La Senza is being liquidated, despite being rescued in a pre-pack administration early in 2012.
KPMG took care of the business’ administration procedure at the time, and David Standish of the restructuring firm is now in charge of its liquidation.
In December 2011, the retailer’s owner Lion Capital brought in KPMG to consider its restructuring options. It then became apparent that the business was heading for administration. Reasons including difficult trading conditions in the recession were cited. It also could not meet its due quarterly rent day payment.
Early in January 2012 Alshaya, a Middle Eastern retail group, purchased 60 of La Senza’s 146 shops in the UK. The pre-pack deal saved 1,100 jobs, though 84 shops and 18 La Senza concessions were shut down.
In a liquidation process a company (or part of it) is shut down, and the assets and property are sold on to other parties. According to Companies House, La Senza Limited began a voluntary creditors’ liquidation process on the 8th January. La Senza Europe Limited is also being liquidated.
La Senza’s last recorded accounts at Companies House show a turnover of £98.2 million, profits of £22.5 million and total fixed assets of £9.5 million.
Previous story - Alshaya acquires La Senza stores
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