Administrators for collapsed premium indie Coggles are seeking a buyer for the business, which will continue to trade in the interim.
The York-based retailer has been forced to make half of its 60-staff redundant despite the decision to continue trade two of its three stores and the website.
Coggles was placed into administration yesterday evening (May 7) after failing to secure new investment, as exclusively revealed by Drapers.
Andy Clary and David Acland of Begbies Traynor have been appointed as joint administrators. Clay said: “With its strong brand name and excellent reputation, we are optimistic that a buyer will be found and that Coggles will continue in some form.”
Founded in 1974 as Sarah Coggles, the indie had built on the success of its outlets on Low Petergate in York by developing an online retail business supplying over 200 men’s and women’s designer collections.
Clay added: “We are currently reviewing the business and making every effort to secure a return for the creditors and a future for the business and its staff.”