Branded sportswear mini-chain LabSport has closed its eight shops after falling into administration.
LabSport, which has appointed MCR as administrator, said the shops had to be closed after the business’s management failed to find an investor. A total of 80 staff across its stores and head office have been made redundant.
A spokesman for LabSport said the business was hit by a lack of working capital and was unable to get the right level of supply of branded goods into the stores to achieve its targets.
LabSport was set up in 2007 and financed by ex-Allsports directors Mike Guest and Mike Donnelly, alongside Paul Groom, former managing director of sportswear distributor Mint Group, and Keith Robinson, who had held senior roles at now defunct entertainment retailer Virgin and stationery chain Stationery Box.
LabSport, which sold brands including Reebok, Adidas and Asics, was created as a new branded sportswear concessions concept, operating joint-venture partnerships with brands. Each brand was given an allocated space in stores which they decided how to stock and LabSport was responsible for shopfits and staffing the stores.
In 2008, Chris Lee, founder of premium indie Microzine, was hired as creative director of the group.