KPMG practitioners sell struggling lingerie retailer La Senza to Alshaya in pre-pack deal
KPMG ADMINISTRATORS have sold lingerie retailer La Senza UK to Alshaya as part of a pre-pack administration.
Richard Fleming, (pictured) David Standish and Rob Croxen, partners at KPMG, were appointed joint administrators to La Senza and sold the business immediately on appointment.
The deal has managed to save 1,100 jobs with international Middle-Eastern retailer Alshaya buying 60 La Senza stores.
A pre-pack administration entails the whole or part of a sale arranged prior to a business entering an insolvency process and sold immediately on appointment of administrators.
Fleming, UK head of restructuring at KPMG, said: “We are delighted that we have been able to rescue part of La Senza UK and such a large number of jobs, given the negative economic pressures faced by retailers in the UK.
“Alshaya is a leading international retail operator with long standing links with the UK as the international franchise partner of a string of high street brands. This deal recognises the value of La Senza as a strong and popular high street brand with a loyal customer base.”
At the end of December La Senza announced it would close 81 stores. On appointment the administrators also announced the closure of a further 3 stores and 18 concessions.
The total closure of 84 stores and 18 concessions has resulted in the loss of about 1,300 jobs.
Alshaya started its retail arm in 1983 with the launch of the Mothercare franchise.