La Senza goes into administration
PwC appointed as lingerie chain goes into administration for second time in two years
LINGERIE CHAIN La Senza has gone bust for the second time in two years after its owners called in administrators from PwC, in a move that puts hundreds of job at risk.
Robert Moran, Mike Jervis and Stuart Maddison of PwC have been appointed as joint administrators of La Senza’s parent company Marnixheath, which owns and operates 55 La Senza stores and three Pinkberry outlets in the UK and employs 752 staff.
PwC’s appointment comes a week after fashion retailer Jane Norman went into administration – it’s second in three years – as a result “challenging conditions” in the UK high street.
“Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending,” said PwC’s Robert Moran. He added that there were “no immediate plans to close any stores” and that “staff have been – and will continue to be paid for their work”.
“The administrators are continuing to trade the businesses as normal for the time being whilst discussions take place with interested parties in respect of a sale. We welcome any approaches to purchase all or part of the store portfolio,” Moran said.
La Senza previously went into administration in January 2012 when KPMG administrators sold the underwear retailer to Alshaya, the Middle East retail investor, as part of a pre-pack deal.
The North American operations of La Senza and throughout the rest of the world remain unaffected by the actions taken in the UK.