Young fashion indie chain Hoi Polloi has become another victim to the economy.
The mini-chain, which is registered as Stockcove, entered administration earlier this month. Seven of its 12 stores have been shut already.
The chain stocks young fashion brands including Police, Gio-Goi, Jack & Jones and Henleys alongside its own in-house brand.
James Stephen and David Hill, partners at accountancy company BDO have been appointed as administrators to Stockcove.
Stephen said: “Unfortunately, like many other retailers, Hoi Polloi Clothing has been significantly affected by the uncertain economic climate and difficult trading conditions. Our only option, regrettably, has been to oversee a shutdown of seven stores. We recognise that this comes at a difficult time of year for staff and we will be liaising with them individually to offer support and assistance.”
Store vouchers are no longer redeemable, and the administrators are currently looking to “maximise recoveries for the benefit of all creditors”.
In January the fashion industry has already witnessed the demise of young fashion brand Gio Goi, while Republic is understood to be planning widespread store closures.