More than 50 staff at World Design & Trade (WDT) have been made redundant following the business’ collapse into administration last week, it has emerged.
Although around 74% of WDT’s 230 strong workforce were saved as Sports Direct snapped up the wholesale division, the administrators had to close six standalone Firetrap stores with 51 employees made redundant.
Joint administrator Angela Swarbrick of Ernst & Young said in a statement to Drapers today: “The high street has experienced particularly tough conditions over the last 12 months and World Design & Trade and its associated fashion brands have struggled against a backdrop of reduced consumer spending, heavy discounting across fashion retail and increased competition.
“There have been attempts by management to reinvigorate sales performance and market the business for sale, but it has unfortunately not been possible for the business to continue to trade outside of administration.”
As well as the wholesale division, Sports Direct bought the brands’ concession and online businesses.
WDT said in a statement last Friday that “Firetrap and Full Circle have been sold to SDSC Brands Limited, who are not only ambitious and supportive but are committed to the current brand strategy and will ensure the continued growth of the business through their investment in both brands and the team.”
Angela Swarbrick and Maurice Moses from Ernst & Young were appointed joint administrators of WDT, which operates young fashion brand and retailer Firetrap UK and FullCircle.