Administrators resort to drastic cuts to make value fashion retailer more attractive to buyers
Following the announcement that it has been forced into administration, fashion retailer Basebuy has axed 315 staff. BDO Stoy Hayward, appointed as administrator yesterday, said it had made about half of the staff redundant and shut 38 of the 70 stores.

This came just hours after joint administrator Dermot Power said he was confident that the retailer, which trades under the Ëísenegger (pictured) and Foxhole brands, could be sold as a going concern.

A BDO Stoy Hayward spokeswoman confirmed that the administrator had received about 20 expressions of interest in the retailer.

After the job cuts were revealed, Power said: 'It is our hope that the remaining 32 stores can continue to trade profitably and we are confident that a sale can be achieved that will result in the protection of the 300 plus remaining jobs.'