Footwear supply giant Lambert Howarth has gone into administration after failing to raise millions of pounds of desperately needed funding.
The company said it had appointed administrators BDO Stoy Hayward after its biggest customer ended its contract. As a result financiers pulled out of backing the business.
Lambert Howarth lost the contract to supply footwear to Marks & Spencer earlier this year.
The company employs approximately 150 staff at its London headquarters, with offices and warehouses in Burnley and overseas.
David Gilbert, partner at BDO Stoy Hayward, said “The company has suffered difficult trading conditions over recent months, coupled with challenges with the customer base.
“Our immediate review of the business has, regrettably, led to the decision to make 72 redundancies within the company.”
The business continues to trade pending a series of meetings with its major customers.
In a statement, the company said shareholders and creditors would be kept informed of any further updates.