Stefanel's UK arm falls into administration
The UK business of Italian womenswear brand Stefanel has collapsed into administration and will close its two UK stores, it has emerged.
The troubled fashion business continues its bid to survive amid challenging times on the high street and fierce competition from new retailers.
Administration and insolvency practitioners CVR Global have been appointed to wind the business up, Retail Week reported.
Stefanel has two stores in the UK, both located in prominent shopping areas in London. These include a shop in Covent Garden, and a further 2,600 sq ft, two-storey store on Regent Street which opened in 2015. At one point, the brand also had stores in Manchester, Birmingham, Cardiff and Guildford.
The UK arm of the fashion label is no doubt facing the same financial pressures that have led to the collapse of several other retailers, but its Italian parent is also in trouble and applied for special administration under bankruptcy law a few weeks ago.
Shares in the 60-year old brand were suspended earlier this month until further notice.
Copyright © 2022 FashionNetwork.com All rights reserved.