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| Retailer Morgan in administration | Retailer Morgan in administration |
| (about 1 hour 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% decline 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. |
| Private equity group Apax Partners owns 40% of Morgan, while the firm's founding families - Bismuth and Barouch - own another 40% between them. | Private equity group Apax Partners owns 40% of Morgan, while the firm's founding families - Bismuth and Barouch - own another 40% between them. |
| The majority of Morgan's UK stores closed in April this year. | |
| The small number that remain are licensees. | |
| UK childrenswear retailer Adams also went into administration on Wednesday. | UK childrenswear retailer Adams also went into administration on Wednesday. |
| Widely speculated since the weekend, Adams' 271 stores will remain open while their viability is assessed, but the administrator warned that some closures were likely. | Widely speculated since the weekend, Adams' 271 stores will remain open while their viability is assessed, but the administrator warned that some closures were likely. |
| The Nuneaton-based firm, the UK's largest independent childrenswear seller, employs 3,200 people. | The Nuneaton-based firm, the UK's largest independent childrenswear seller, employs 3,200 people. |
| Sector-wide woes | Sector-wide woes |
| Morgan's move into administration comes after the same happened to UK retailers Woolworths, Zavvi, Whittard and The Officers Club. | Morgan's move into administration comes after the same happened to UK retailers Woolworths, Zavvi, Whittard and The Officers Club. |
| MORGAN FACTS Paris-based575 shopsFounded in 1968 Is administration the end?What administrators do | |
| The final Woolworths stores are now due to close on 5 January after administrator Deloitte failed to find a buyer for the whole company. | 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. | 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. | 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. |