ZOLFO COOPER administrators have been called to fashion retailer Ellie Louise.
Graham Wild, Simon Wilson and Anne O’Keefe, partners at Zolfo Cooper, were called to the high street retailer, which employs about 421 staff and has about 97 stores in the UK.
The company suffered “cash flow problems arising from the current challenging fashion retail environment,” the administrators said.
Ellie Louise, which was founded in 1980, was “exacerbated” by its 2010 purchase of the brand Trade Secret.
Wild said: “Unfortunately, as with many other fashion retailers exposed to declining consumer spend, challenging trading conditions have led to increased financial pressure on this well known brand”.
“The company has also been adversely impacted by a number of issues arising from the acquisition of the Trade Secret brand during 2010. This has accentuated the cash flow strains the business has faced and meant that the director had no choice but to seek protection via an administration”.
“We intend to trade the business in order to ensure that we identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors. As this work continues we will make further announcements as appropriate.”
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