Internacionale was poised to enter administration. Drapers looks back at the value retailer’s recent history.
October 2006 - Internacionale subject of a management buyout, with founder Ken Carndiff walking away with an estimated £45m. Chief executive Norrie Stewart takes an 18% stake in the business, with the rest of the management team – David Milton, Gerard Gavan and Graham Clements – sharing a 25% stake between them.
June 2007- Sue Scanlan is added to the management team, leaving her interim role at Primark
October 6 2007- Directors Gerard Gavan and Graham Clements leave the business in a surprise exit, a year after the MBO
October 2007- Sales grow 5% for the year to March 2007, up to £130.5m, as 19 more stores were opened, totalling 151 stores. Profits fell 5%.
October 27, 2007- Chief executive Norrie Stewart steps down.
November 4, 2007- Managing director Sue Scanlan becomes the fourth senior executive to leave the company in a month.
April 2008- Investment fund Agilo acquires the £25m debt in Ossian Retail Group, owner of Internacionale
May 2008- Internacionale is sold to a mystery overseas buyer for an undisclosed sum. Details later emerge that the parent company has links to Indian retail and supply giant SKNL, as a firm called Timec changes its name to Internacionale Retail.
November 2008- Internacionale rescues 85 MK One stores, saving 800 jobs
January 2010- Internacionale cuts its London buying team
May 2012- The fast fashion retailer introduces its first transactional website
April 2013- Members of Internacionale’s buying and merchandising team are made redundant
June 2013- Internacionale teeters on the brink of administration