Ilva enters administration

Ikea’s Danish competitor has been forced into administration after making a
£62m loss on £26m f sales in the year to April 2007.

Ilva appointed corporate recovery specialist Kroll as administrator over it’s
three stores in Thurrock, Gateshead and Manchester and 400 staff.

The collapse of Ilva follows similar issues at Land of Leather, forced to
raise £15m last week in a rescue mission to save it from complete collapse.

Kroll partner Peter Saville said it was business as usual, adding that the
company would continue to honour existing orders, the Times reported.

‘The trading environment for all retailers is particularly tough at present,
but we are continuing to trade the business as a going concern. We will be
assessing the options for the business in the coming weeks.

‘We fully appreciate that this is a concerning time for employees as well as
customers, and we will keep all stakeholders as fully appraised as possible,’
said Saville.

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places its UK business into administration

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