Fashion retailer Joy Group has lined up administrators and is set to collapse for the third time, following a “difficult” 2019.
Joy, which operates 10 stores, was hoping to retrieve the situation in the last quarter but both footfall and revenues were lower than budgeted.
As a result, the company’s directors were forced to seek professional advice and have since filed a notice of its intention to appoint KRE Corporate Recovery LLP as administrators.
Partners David Taylor and Robert Keyes from KRE Corporate Recovery LLP are seeking a buyer for the business and assets through administration in an “accelerated” process, with a view to agree a sale which would be completed upon appointment of administrators.
The company has 35 full-time staff, with “varying numbers of part-time support”. KRE did not disclose the total number of staff.
It comes after its store in Islington, Angel was closed at the end of the lease in summer 2019, in agreement with the landlord. The store first opened in 2009.
The consultancy firm handled Joy’s previous administration in 2017, in which the business was bought out of insolvency in a pre-pack deal by its founders.
Joy first went bust in September 2008 but was bought back by founder Joy Maureen Chadha, who saved 12 stores.