After a series of negotiations through December, FAO failed to win agreement on restructuring its loans from major lender, Wells Fargo Retail Finance.
As part of the bankruptcy filing the FAO reached agreement with its existing bank lenders to fund employee obligations as well as ongoing needs.
The company will close up to 80 of its 253 stores, but will maintain its flagship operation on Manhattan’s Fifth Avenue.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies