Internacionale UK Limited -in administration

Published at 13:18 PM on 28 February 2014

Internacionale UK Limited –in administration (“Internacionale” or “the Company”)


Bruce Cartwright, Lyn Vardy and Toby Underwood of PwC were appointed as joint administrators of Internacionale UK Limited on 28 February 2014.


Internacionale is a high-street retailer of women’s clothing with 89 stores across the UK and approximately 1000 staff. It was formed from the administration of a predecessor business in July 2013.* However, as the economy remained flat, the company has not enjoyed the anticipated growth and recovery.

 Earlier this year, the owners engaged advisers to produce a turnaround and contingency plan intended to secure support for the business until late March, when the company’s ongoing viability would be reassessed. As part of an interim cost cutting exercise, 90 redundancies were recently made, mostly at head office.

Due to continued poor trading and increasing creditor pressure, particularly from rating authorities and landlords, the shareholders have decided they can no longer support the business and have taken the difficult decision to wind down the business through administration.

Bruce Cartwright, joint administrator and partner at PwC said:

 

“The company directors have worked with key stakeholders to try and find a solution to preserve the business. However, these efforts have proved to be unsuccessful against the backdrop of a fiercely competitive retail sector which, despite the improving economic conditions, can be unforgiving to businesses in financial distress.

 

“We are currently working with management to agree an orderly wind-down of the company, but we welcome any approaches to purchase parts of the store portfolio and safeguard jobs. We intend to continue to trade over the coming weeks in order to sell as much of the retail stock as possible and maximise the return to creditors.  Staff have been –and will continue to be- paid for their work.

 

“Unfortunately, unless a willing purchaser for the business or store portfolio is forthcoming, it is inevitable that redundancies and store closures will become necessary as the administration process continues. The company and the administrators are making every effort to help staff through this difficult transition.” 

 

For more information please go to www.pwc.co.uk/internacionale


Ends 

Notes to editors

 * Internacionale UK Limited acquired parts of the business and assets from Internacionale Retail Limited following that company being placed into administration on 12 July 2013.

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David Jetuah

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Jill Peacock

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Northern Ireland: John Compton
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Tel: 028 9041 5663
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South and East: Gareth Nicholls

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Tel: 01603 883 245
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Wales and West: Katherine Howbrook

Email: katherine.j.howbrook@uk.pwc.com
Tel: 020 7212 2711
Mobile: 07515 119 096

 


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