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Retailer Morgan in administration Retailer Morgan in administration
(10 minutes later)
French women's clothing store chain Morgan has gone into administration, the latest retailer to be hit by the sharp fall in consumer spending.French women's clothing store chain Morgan has gone into administration, the latest retailer to be hit by the sharp fall in consumer spending.
The company, which expects to report a 9% fall in 2008 sales, said it still hoped to be able to sell the business. The company, which expects to report a 9% decline in 2008 sales, said it still hoped to be able to sell the business.
UK private equity group Apax Partners owns 40% of Morgan, while the firm's founding families - Bismuth and Barouch - own another 40% between them.UK private equity group Apax Partners owns 40% of Morgan, while the firm's founding families - Bismuth and Barouch - own another 40% between them.
Morgan has 575 stores in 57 countries and directly employs 1,000 staff.Morgan has 575 stores in 57 countries and directly employs 1,000 staff.
It has 33 shops across the UK and Republic of Ireland.It has 33 shops across the UK and Republic of Ireland.
The firm was established in 1968. Morgan was established in 1968.
Morgan had been looking to sell itself since the start of 2008. It had been looking to sell itself since the start of 2008.
Sector-wide woes
Morgan's move into administration comes after the same happened to UK retailers Woolworths, Zavvi, Whittard and The Officer's Club.
The final Woolworths stores are now due to close on 5 January after administrator Deloitte failed to find a buyer for the whole company.
Music and games retailer Zavvi went into administration on Christmas Eve.
Tea and coffee specialist Whittard went into administration before Christmas due to "trading difficulties", but it was quickly bought for an undisclosed sum by Epic private equity partners.