Wed, 28 Dec 2011 | ADMINISTRATION
Lingerie retailer La Senza is due to be fitted into administration and was, it is thought, unable to meet its due rent day payment this month.
La Senza’s directors made the decision to call in the administrators known on 23 December, and will bring in KPMG to manage the process, after initially being appointed to explore its restructuring options a few weeks ago. The move leaves the jobs of 2,600 people hanging in the balance.
While a buyer for the 158-store business is sought, La Senza will continue to be traded throughout January in an effort to recover as much as possible for its lenders.
The decision - by its private equity owners Lion Capital - to push La Senza into administration was also put down to tough trading conditions on British high streets and the economic downturn. A company statement read: “The business continues to trade as normal in the meantime and there have been no unplanned redundancies or store closures.”
The founder of the company and Dragon’s Den celebrity, Theo Paphitis, has decided not to buy La Senza and reportedly said: “We tried to engage with them and offer to help buy it was not possible.”
Previous story - La Senza to consider restructuring options.
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