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Wednesday, 14 December 2011

La Senza in Administration

Update:  La Senza, the lingerie retailer, finally went into administration yesterday but 1100 jobs were saved when the Arabian chain Alshaya bought 60 stores.  The process was in effect a pre pack administration.   The firm has revenues of £140m and employed some 2,400 people.   84 Stores have been closed by the administrator.

Last month we said;

"We blogged on the difficulties the company faced back in August and predicted that the September quarter day would be the crunch time but it looks as if it is now the looming December quarter day that is precipitating the move.  Either way, the firm is going to have to shed many of its stores to survive.  Any insolvency procedure such as administration or CVA will allow them to do this.  However, there is the added complication of which stores are leased by La Senza and which are leased by Contessa which were brought into the group in 2004."

This news comes in so soon after the collapse of Barratts shoes.  All this comes as no surprise as consumer spending slows.

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