Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Internacionale poised to enter administration

Internacionale is poised to enter administration, putting more than 1,500 jobs at risk, following Drapers news story last week that the business is in the hands of restructuring specialist Jason Granite.

Drapers has heard from both staff and suppliers who said that Granite told them he plans to put the company into administration as early as tomorrow (Monday).  

One supplier, who said his business was owed a six-figure sum, told Drapers Granite had said he had no option but to enter administration because bailiffs were entering stores over unpaid rent and rates. The source said Granite was planning to wind the company down completely in the next three to four months.

Drapers revealed last week that the company had already begun making redundancies at head office and throughout stores staff at its 114-strong chain.

At least two stores have been entered by bailiffs since the start of the year. They either changed the locks changed – meaning employees have been unable to retrieve personal belongings – or have removed stock, fixtures and fittings in lieu of unpaid rent. Drapers has seen photographic evidence that shows that in at least one instance this took place in the middle of January.

A former staff member, who was made redundant by Granite last Monday, corroborated the supplier’s claim that Granite planned to wind down the company in the next three to four months.  

Readers' comments (3)

  • When will common sense prevail and the pre pack laws change to STOP suppliers being abused?

    Unsuitable or offensive? Report this comment

  • Staff and suppliers suffer again while the management that made the mistakes get away with it again!!

    Unsuitable or offensive? Report this comment

  • Its such a shame that yet again suppliers will bear the brunt of this.
    What i find hard to stomach is that this deal to sell the company to Mr Granite is just a way for the shareholders to make back some money whilst the new owner is going to screw the suppliers on retention of title.Ultimately he will close the company once he has made a sizeable profit.
    The government really needs to change the laws and prevent original shareholders in cases like this from washing their hands and getting away scott free.

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.