La Senza has fallen into administration again, putting 752 jobs on the line, after facing “very difficult trading conditions”.
It will be the second time the lingerie retailer has collapsed into administration in two years.
PwC’s Robert Moran, Mike Jervis and Stuart Maddison have been appointed as joint administrators of Marnixheath Limited, which operates 55 stores under the La Senza brand in the UK and three Pinkberry stores.
PwC said there are no immediate plans to close any stores as it aims to find a buyer for the business.
It comes just two years after the UK division of middle eastern trading house Alshaya bought La Senza out of administration in a pre-pack deal in 2012.
PwC said La Senza has “experienced very difficult trading conditions” and despite efforts to make it more commercially viable, the company has been placed in administration.
The North American operations of La Senza’s operations outside the UK, including its large north American business, remain unaffected by the collapse.
Moran said: “The challenging conditions in the UK high street are well documented. Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending.
“The administrators are continuing to trade the businesses as normal for the time being whilst discussions take place with interested parties in respect of a sale. We welcome any approaches to purchase all or part of the store portfolio.
“There are no immediate plans to close any stores and the administrators shall continue to assess the trading strategy over the coming days and weeks.
“Staff have been – and will continue to be paid for their work. The company and the administrators are making every effort to help staff at this difficult time.”
Marnixheath said:“Every effort has been made for two and a half years to transform and revitalise the La Senza UK business, but it has continued to experience difficult trading conditions, against the backdrop of a challenging economy and the changing dynamics of the UK retail market. We have, therefore, decided with regret that there is no alternative to administration.”
“We will work closely with the administrators as they explore their options for the business and if they choose to close all or part of the business, every effort will be made to support staff in finding alternative opportunities for employment.”