Thu, 20 Sep 2018 | ADMINISTRATION
As a result of the collapse of its parent company, Kiely Rowan, Orla Kiely has ceased trading and entered administration.
The stores in King’s Road and Seven Dials as well as the Kildare shop closed their doors on Monday, 17 September.
Consultancy David Rubin & Partners have been appointed to undertake the winding down of Kiely Rowan including liquidating its assets.
A statement by the company said: "Having carefully considered the options, the directors of Kiely Rowan Plc have concluded that the business should enter voluntary liquidation following various challenges that have faced the company over the past few years, both in the UK and abroad.”
Despite the company’s turnover growing from £7.2 million to £8.3 million last year, its profits fell from £109,000 to £74,000.
A partner at restructuring company Begbies Traynor, Julie Palmer said: "This latest victim of the high street slump has come a little from left-field.
"Orla Kiely had the backing of high profile celebrities and clearly had appeal to the latest generation of shoppers. If this latest news shows anything, it's that there is no magic formula to success."
Orla Kiely is the latest in the series of retailer that have forced to close shop on the UK High Streets. Other high profile retailer closures include Maplin and Toys R Us.
High Street chains like Marks & Spencer, House of Fraser, Carphone Warehouse, New Look and Carpetright have also gone through store closures.
In any event, Orla Kiely is currently part of a major exhibition at the Fashion and Textile Museum in London.
For all our administrations listings, click here. For more news stories about administrations click here.
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