Womenswear chain Fenn Wright Manson has fallen into administration, with interested parties already in discussion with the company.
The 17-store retailer appointed administrator Zolfo Cooper following cash flow problems due to the current fashion retail environment, according to today’s announcement.
Zolfo Cooper will continue to trade the company while exploring its future options, which include a potential sale of all or parts of the business.
It is already in discussion “with a number of interested parties”, said Peter Holder, partner at Zolfo Cooper and joint administrator with Peter Saville and Simon Wilson
“Unfortunately, as with many other fashion retailers exposed to declining consumer spend, the deterioration in trading conditions in recent months has led to increased financial pressures on the business,” explained Holder.
Founded in 1974, Fenn Wright Manson has 17 standalone stores and 62 concessions throughout the UK and Ireland, with nearly 250 employees.
The administrator is keen to ensure it identifies “the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors”, according to Holder.
Suppliers believing to be creditors of Fenn Wright Manson should contact the administration team with details of their claims.