Womenswear retailer Fenn Wright Manson has fallen into administration.
Zolfo Cooper partner Peter Holder said: “Unfortunately, as with many other fashion retailers exposed to declining consumer spend, the deterioration in trading conditions in recent months has led to increased financial pressures on the business.”
“We are already in discussions with a number of interested parties and intend to continue to trade the business in order to ensure that we identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors.”
Fenn Wright Manson, which was acquired by private equity firm Darwin 17 months ago, called in Zolfo Cooper last week to look at restructuring options such as fresh funding or a sale.
The retailer employs 348 staff across the UK. It will continue to trade while Zolfo Cooper explores its options, including a sale of all or parts of the business.