By Hugh Radojev2019-06-27T11:51:00
Italian fashion brand Stefanel UK arm has crashed into administration and is set to close both its London stores.
Retail Week understands administration and insolvency practitioners CVR Global have been appointed to wind the business up, and GCW has been tasked with assigning Stefanel’s stores on Regent Street and in Covent Garden.
The collapse of the womenswear retailer’s UK arm comes a few weeks after its Italian parent company applied for special administration under bankruptcy law.
Shares were suspended in the 60-year-old brand in early June, with Stefanel blaming heavy competition from fast-fashion and ecommerce for its dwindling sales.
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