Value fashion retailer Internaçionale has been bought in a prepack administration deal by the existing owners.
The new company, Internaçionale UK, has acquired the “business and assets” of the retailer, including 114 of its 132 stores, its head office and its finance operation.
The remaining stores will shutter immediately.
The new owner will honour customer gift vouchers, orders where part payment deposits have been made for goods, and valid returns.
Ernst & Young joint administrator Tom Jack said: “High street retailers have faced unprecedented conditions over recent years, and the market for fashion clothing has become increasingly competitive.
“The business has been significantly loss making over recent years and although the directors have sought to restructure and reposition Internaçionale, with significant cash investment from shareholders, it has not proved possible largely because of the high fixed costs of the business. This has resulted in the retailer being unable to continue to operate outside of Administration.
“The business will continue to trade without interruption, all of the 1,550 jobs have been transferred to the new owner and the future of Internaçionale on the UK and Ireland high street has been safeguarded.
“The remaining stores that are not included in the sale will close with immediate effect.”
Locations of stores already closed