Mon, 01 Nov 2010 | ADMINISTRATION
Clothing retailer Suits You has been placed into administration following months of cash flow problems.
The Leeds-based business, which has 65 stores across the UK and Ireland and has the corporate name Speciality Retail Group Ltd (SRG), had made attempts earlier this year to appease its creditors through a CVA.
The CVA led to the company's non-profitable stores being closed down. Despite these efforts, the trading conditions remained too tough for the group to survive.
We reported in mid-October that a strategic review was being undertaken for the business, with its options including a sale, closure or a move into administration if a sale was not forthcoming.
The group, which also includes the Young’s Hire dress wear rental business and employs about 350 staff, has now appointed recovery specialists Zolfo Cooper as the administrator.
Peter Holder, Fraser Gray and Stuart Mackellar of Zolfo Cooper said that they are planning to "support successful premises which would continue to trade, but would wind down loss-making stores and look to sell on as much of the business and assets as possible."
Gray said, “Circumstances have been particularly tough for many businesses on the High Street."
“It’s important that we identify and focus on the more profitable parts of the business, while continuing to streamline the least effective,” he added.
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