The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — British fashion retailer Austin Reed fell into administration on Tuesday, dealing another blow to the UK retail sector a day after department store BHS also sought creditor protection.
Executives from Alix Partners were appointed as the 116-year old Austin Reed's administrators, the business advisory firm said.
"Following their appointment, the joint administrators will continue to trade the group while exploring all possible options for its future including a sale of all or parts of the business," it said.
The move puts the jobs of its 1,184 staff in danger, adding to the up to 11,000 put at risk by BHS's collapse into administration on Monday.
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Austin Reed, which trades from 100 standalone stores and 50 concessions throughout the UK and Ireland, has struggled to compete in Britain's intensely competitive clothing market for years.
By James Davey; editor: Jason Neely.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.