The UK arm of mainstream womenswear brand Basler has appointed administrators, after its German parent company failed to find a buyer.
Arron Kendall and Simon Thomas, partners at Moorfields Advisory, were appointed joint administrators of the UK part of the firm today (1 September).
On 22 August Drapers reported that concern was mounting over the fate of the UK business after the German arm, Basler Fashion Group, went into liquidation. Basler Fashion Group had been looking for a buyer since May this year.
Basler UK has three own-brand stores located at Bond Street in London, Chichester and Epsom, a factory outlet in York, 17 concessions and more than 100 wholesale customers throughout the UK and Ireland.
Moorfields Advisory said it will continue to trade the Basler UK operations as normal to fulfil wholesale orders, while conducting stock liquidation through the retail outlets.
Kendall said: “Like many premium clothing brands, Basler has struggled to keep itself relevant to its core customer base, which has been exacerbated by difficult trading conditions and a reduction in discretionary spend.”
Basler Fashion Group was founded in Berlin in 1936. Its headquarters are now in Goldbach.
It employs more than 1,100 people worldwide, and has 1,900 points of sales in more than 60 countries. It operates more than 40 shops and 80 shop-in-shops worldwide, as well as 13 outlets.
The group was acquired by German private equity firm Tempus Capital in June 2015. As part of the deal, London-based European retail investment fund Alteri Investors provided funds to Basler Fashion Group, which could not secure a loan through its normal banking facility.