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Monday, 24 February 2014

Internacionale at threat of administration

Internacionale is likely to fall in administration this week as reports have revealed the fashion retailer has only a short amount of time to find a buyer. All 1,500 jobs are at risk with 97 stores close to being shut down.

Rapidly falling sales year on year and mounting debt has led the retailer to take on restructuring firm, FC Fund Managers to buy £35 million of debt. 20 people have already been made redundant in the move, leaving the fate of the company in the hands of administrators (expected to be PwC) later this week.

Internacionale was rescued out of administration last July by former managers and directors of the company in a pre-pack deal. However, despite attempting a turnaround since 2011, the business has reportedly reached the end of the line with its future very much hanging in the balance.

Like many other high street retailers, years of tough trading conditions in the retail sector has resulted in the company losing a staggering £10 million year on year.

If Internacionale doesn't find a buyer soon, it may well join the group of high street shops, like Games, HMV and Comet, that are failing to keep up with their online competitors.

We are not involved in the administration and questions should be directed to PwC who are expected to be handling the administration.

If you are an employee of the business, and you're worried about what might happen in the future, then please listen to the video below as it will tell you your rights as an employee of a insolvent business.  There is a link at the end of the video to the Government website which expands further on what you need to know.

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