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Internaçionale administrator confirms retailer will 'completely wind down'

Internaçionale administrator PricewaterhouseCoopers has confirmed the value retailer will be completely wound down with its existing 55 stores set to be closed over the coming months.

The embattled retailer closed eight of its 89 stores in March. In total, 34 stores have been closed, with a further 26 being shut int he last few weeks, resulting in 300 job losses, according to Drapers’ sister title Retail Week.

PwC said it was forced to take further measures after it failed to find a buyer for the business.

Joint administrator and partner Bruce Cartwright said: “As stated at the time of appointment, without an interested buyer for the business or store portfolio, it was inevitable that redundancies and store closures would be necessary as the administration process continues.

“As a result, regrettably, an additional 26 stores have been closed, which means in total around 300 members of staff have been made redundant since the appointment.

“F55 stores are currently still trading but all will be closed over the coming months as the company winds down.” 

The value fashion chain, which fell into administration at the end of February, had 89 stores before it collapsed and employed around 1,000 people.

Readers' comments (1)

  • How come one of it's directors is listed in the Financial Times Rich List?
    Surely he should have some liability if he did a bad job.

    Unsuitable or offensive? Report this comment

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