PracticeAccounting FirmsLa Senza goes into administration

La Senza goes into administration

PwC appointed as lingerie chain goes into administration for second time in two years

La Senza goes into administration

LINGERIE CHAIN La Senza has gone bust for the second time in two years after its owners called in administrators from PwC, in a move that puts hundreds of job at risk.

Robert Moran, Mike Jervis and Stuart Maddison of PwC have been appointed as joint administrators of La Senza’s parent company Marnixheath, which owns and operates 55 La Senza stores and three Pinkberry outlets in the UK and employs 752 staff.

PwC’s appointment comes a week after fashion retailer Jane Norman went into administration – it’s second in three years – as a result “challenging conditions” in the UK high street.

“Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending,” said PwC’s Robert Moran. He added that there were “no immediate plans to close any stores” and that “staff have been – and will continue to be paid for their work”.

“The administrators are continuing to trade the businesses as normal for the time being whilst discussions take place with interested parties in respect of a sale. We welcome any approaches to purchase all or part of the store portfolio,” Moran said.

La Senza previously went into administration in January 2012 when KPMG administrators sold the underwear retailer to Alshaya, the Middle East retail investor, as part of a pre-pack deal.

The North American operations of La Senza and throughout the rest of the world remain unaffected by the actions taken in the UK.

Related Articles

FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2w Alia Shoaib, Reporter
Top 50+50: Firms fall short on diversity

Accounting Firms Top 50+50: Firms fall short on diversity

2w Alia Shoaib, Reporter
PwC’s five strategic priorities for becoming ‘the leading professional services firm’

Accounting Firms PwC’s five strategic priorities for becoming ‘the leading professional services firm’

4w Emma Smith, Managing Editor
Deloitte rises in auditor rankings with most FTSE 250 clients

Accounting Firms Deloitte rises in auditor rankings with most FTSE 250 clients

1m Alia Shoaib, Reporter
PwC launches scale-up programmes to support start-ups

Accounting Firms PwC launches scale-up programmes to support start-ups

2m Alia Shoaib, Reporter
PwC publishes 12.8% BAME pay gap

Accounting Firms PwC publishes 12.8% BAME pay gap

4w Emma Smith, Managing Editor
PwC to audit BBC pay policies following gender pay gap outrage

Accounting Firms PwC to audit BBC pay policies following gender pay gap outrage

1m Alia Shoaib, Reporter
PwC to take over from Deloitte as Diploma auditor

Accounting Firms PwC to take over from Deloitte as Diploma auditor

1m Alia Shoaib, Reporter