Falmer Jeans, one of the UK’s largest jeans companies, has called in Moore Stephens Booth White to act as administrators in response to a downturn in market demand.
The jeans company, founded in 1955, and which once ran an advertising campaign featuring several supermodels (above), has debts of over #5m.
It has increased its share of the denim market over the last few years, but demand for jeans has fallen by 15% since last November.
Peter Lawrence, one of two administrators appointed last week, and senior partner at Moore Stephens Booth White, stressed the company was not for sale although a number of fashion companies had shown an interest. ‘We’re moving towards the situation where the company is reorganised and restructured so that it has dealt with all its existing debts,’ he said. He added it was too early to rule out job losses for the 500 staff at three sites across the UK.
At the time of going to press, the administrators were meeting with an institutional investor but declined to provide any further details.
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