Struggling lingerie chain La Senza is to cease trading in the UK with a loss of 752 jobs as administrators fail to find a buyer.
Administrator PwC confirmed that La Senza had been “experiencing very difficult trading conditions”, with no buyer found to rescue the ailing chain. Out of an initial 55 shops, 30 have already shut since falling into administration in July and the remaining stores are to close over the coming weeks.
La Senza first went into administration in 2012, resulting in 1,300 redundancies and the closure of more than 100 outlets.
However, 1,100 jobs were saved when 60 of its stores were sold by KPMG to the UK arm of Kuwait-based Alshaya.
The UK business then changed its name to Marnixheath in 2013, which operated 55 La Senza stores and three Pinkberry outlets in the United Kingdom.
Robert Moran, joint administrator at PwC, said: “The challenging conditions in the UK high street are well documented. Like many other retailers, La Senza has been hit hard by the difficult economic environment.”
La Senza’s UK business was formerly owned by Dragons’ Den star Theo Paphitis before he sold the chain to private equity firm Lion Capital in 2006 for £100m.
La Senza continues to own and operate more than 150 stores throughout Canada and 330 through its franchise-operated stores in more than 30 other countries around the globe.