Fashion chain Nicole Fahri goes into administration
British fashion chain Nicole Fahri went into administration on Wednesday but will continue trading while a new buyer is sought, officials announced.
The retailer, set up by French-born designer Fahri in 1982, employs 119 staff across its six stand-alone and 10 concession stores across Britain and Ireland.
"Nicole Farhi is a very powerful retail brand," said Peter Saville, partner at administrators Zolfo Cooper.
"Unfortunately, as with many other fashion retailers, the decline in high street spend coupled with rising costs has led to increased financial pressures on the business.
"We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand.
We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors."
© 2013 AFP