Mon, 01 Jul 2019 | ADMINISTRATION
With over 400 retail and franchise stores operating across the world, Italian womenswear company Stefanel was put into administration following the collapse of its parent company.
Professional advisory firm CVR Global has been called in to handle the administration process, with partners Richard Toone and David Oprey appointed as joint administrators.
The company’s advisers, retail property consultants GCW, stated that Stefanel’s London stores in Covent Garden and Regent Street will be marketed for lease as a result of the insolvency.
Richard Toone commented: “Unfortunately both of Stefanel’s stores have experienced a downturn in trade to the point where their income is no longer covering rental costs. After reviewing the business’ performance, the prospects of a turnaround were limited, so the decision was taken to wind the business down in the best interests of creditors, one of which is the firm’s parent company Stefanel.
“Both stores will continue to trade as normal while we try to maximise returns for creditors in the form of selling stock as well as recovering rental deposits. We are unable to say at this stage when the stores will close.”
Stefanel was established in 1959, and survived a debt restructuring in 2017, after which point control was taken over by its investors Attestor Capital. However, its relaunch was unsuccessful and the company was forced to seek creditor protection come December that year.
Although the company was instructed to present a restructuring plan to a bankruptcy court by mid-June 2019, it failed to reach an agreement with its creditor banks and Attestor Capital, which held approximately £36 million in debt.
The stores will continue to trade during the administration period to maximise the returns for the company's creditors.
Click here to view the Stefanel (UK) Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
A small team of three of us focus on sales, purchasing, and administrative tasks. The business could easily be integrated within an existing team to support higher profits.
RELOCATABLE
Specialises in sales of rare, vintage and celebrity-owned instruments, including acoustic, electric and bass guitars, as well as amplifiers, effects pedals and accessories.
LEASEHOLD
Offers an extensive range of sports, prestige and exotic vehicles to customers and clients throughout the UK. Utilises a highly experienced team to provide vehicle servicing, valeting and detailing, delivering cars on time, within budget and with a h...
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
16
|
|
Jul
|
Johnsons Shoes Company acquired out of administration, with six stores to continue | BUSINESS SALE
Johnsons Shoes Company has been acquired out of administrati...
|
08
|
|
Aug
|
Vehicle rental business on the hunt for a buyer | ADMINISTRATION
London-based car rental service, Wendex Vehicle Rental, has ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources