Moreglam, the Leicester-based manufacturing and importing business which supplies several high street retailers including New Look, Republic, Peacocks and Dunnes has hit the buffers.
The business was placed into administration on June 10, and Jeremy Birch and David Bennett of the accountant and business adviser Grant Thornton UK have been appointed administrators.
It is understood that the business, which is said to have struggled in the current economic climate, has bank debts of around £4m and has no viable future as a going concern.
Administrator Jeremy Birch said: “We had to take the difficult decision to make 70 members of Moreglam’s staff redundant. Nine staff members have been retained to assist as we explore the options to achieve the best possible outcome for creditors from selling the stock.”
Once this process has been completed the remaining nine staff will also be made redundant from the business.
Moreglam was established in the 1990s as a manufacturer and importer of women’s and girlswear. The company’s main premises were at Forest Road in Leicester.
The company has struggled to fulfill orders in recent weeks and its directors invited the company’s bank to seek the administration.