Kroll to mend fashion retailer
High street fashion retailer Ciro Cittero has gone into administration following significant losses, becoming the first big business to collapse under the new insolvency rules.
The men’s fashion chain, officially known as Trident Fashions, slipped into the red despite substantial investment, following significant losses in the last two years.
Kroll partners Andrew Pepper, Gurpal Johal and Fraser Gray, appointed today, plan to restructure the company to improve profitability and will continue trading the stores as normal. They have already contacted five interested parties.
Ciro Citterio has found itself in financial dire straits before. In March 2001, the company was placed in administration following a shareholder dispute. Its business and assets were purchased by a separate trading company, Trident Fashions, in June 2001.
The Birmingham-based business had a turnover of £65m last year and employs 1,000 staff at over 100 stores countrywide.