As Internacionale fell into administration today Drapers takes a look back at the retailer’s history.
October 2006 - Internacionale’s management buy the company out, with founder Ken Carndiff walking away with an estimated £45m. Chief executive Norrie Stewart takes an 18% stake in the business, with the rest of the management team – David Milton, Gerard Gavan and Graham Clements – sharing a 25% stake between them.
October 6 2007- Directors Gerard Gavan and Graham Clements leave the business in a surprise exit, a year after the MBO
October 2007- Sales grow 5% for the year to March 2007, up to £130.5m, as 19 more stores were opened, totalling 151 stores. Profits fell 5%.
October 27, 2007- Chief executive Norrie Stewart steps down.
November 4, 2007- Managing director Sue Scanlan becomes the fourth senior executive to leave the company in a month.
April 2008- Investment fund Agilo acquires the £25m debt in Ossian Retail Group, owner of Internacionale
May 2008- Internacionale is sold to a mystery overseas buyer for an undisclosed sum. Details later emerge that the parent company has links to Indian retail and supply giant SKNL, as a firm called Timec changes its name to Internacionale Retail.
November 2008- Internacionale rescues 85 MK One stores, saving 800 jobs.
January 2010- Internacionale cuts its London buying team.
May 2012- The fast fashion retailer introduces its first transactional website.
April 2013- Members of Internacionale’s buying and merchandising team are made redundant.
June 2013- Internacionale teeters on the brink of administration.
July 2013- Internacionale sold in pre-pack deal.
July 2013- Internacionale shutters 18 stores.
February 2014- Speculation mounts over Internacionale’s future as several head office staff are made redundant. Stores are also entered by bailiffs.
February 2014- Concern grows over the future of Internacionale as director Raj Sehgal tells Drapers that restructuring specialist Jason Granite is “now in control”.
February 2014- Internacionale is poised to enter administration, with PricewaterhouseCoopers understood to be in line to take on the role.
February 2014- Internacionale files notice to appoint PwC administrator.
February 2014- Suppliers count potential losses - totalling what is understood to be £12m for unsecured creditors.
February 2014- Internacionale enters administration.
February 2014 - Administrators tell Drapers they are looking to woo staff, suppliers and landlords over, to keep Internacionale trading for as long as possible. There is no guarantee they will be paid for debts, but PwC say any new contract agreed with them will be honored.