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La Senza lingerie chain falls back into administration | La Senza lingerie chain falls back into administration |
(35 minutes later) | |
Lingerie chain La Senza has fallen into administration for the second time in two years. | Lingerie chain La Senza has fallen into administration for the second time in two years. |
The company runs 55 franchise stores in the UK and currently employs 752 staff. | The company runs 55 franchise stores in the UK and currently employs 752 staff. |
Administrators said there were "no immediate plans to close any stores" and appealed for those interested in buying the enterprise to come forward. | Administrators said there were "no immediate plans to close any stores" and appealed for those interested in buying the enterprise to come forward. |
La Senza UK previously went into administration in January 2012, closing more than 80 branches. | La Senza UK previously went into administration in January 2012, closing more than 80 branches. |
Robert Moran of PwC, which has been appointed as joint administrator, said: "Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending." | Robert Moran of PwC, which has been appointed as joint administrator, said: "Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending." |
Mr Moran added that "there are no immediate plans to close any stores" and that "staff have been - and will continue to be, paid for their work". | Mr Moran added that "there are no immediate plans to close any stores" and that "staff have been - and will continue to be, paid for their work". |
The company behind La Senza, Marnixheath, also runs three frozen yogurt shops under the Pinkberry brand, at Westfield Stratford, Bluewater shopping centre in Kent, and Selfridges in London. | |
La Senza's stores in the UK are separate from those in Canada, which are unaffected by this announcement. | |
The UK and Ireland franchise was bought in 1998 by entrepreneur and Dragon's Den star Theo Paphitis, who revived its fortunes and sold his stake to Lion Capital for £100m. | |
When the chain went into administration in 2012, Mr Paphitis mourned the decline of a "very profitable company". | |
"It's sad because it's a company that I used to consider was my baby back in the early 2000s and it's sad to see it go off the High Street," he said. | |
"But it's a sign of the times, I suppose." |
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