Speciality Retail Group, the company behind 66-store menswear chain Suits You, has been bought by restructuring specialists GA Europe and put in to administration.
SRG was acquired by GA Europe for an undisclosed amount and subsequently put in to administration in a move tipped by Retail Week last week.
GA Europe has appointed Peter Holder, Fraser Gray and Stuart Mackellar of recovery specialists Zolfo Cooper as administrators and will help them to assess SRG’s trading and retail operations and operate the stores whilst the administrators consider the options available.
SRG underwent a Company Voluntary Arrangement in February carried out by KPMG, as revealed by Retail Week, but its success was attached to a forecast for a significant uplift in trading. However, SRG said today that trade had deteriorated rapidly in recent months.