Nicole Farhi, a UK high-end fashion garment retailer has entered into administration, it was reported on Wednesday.
Founded in 1982 by Nicole Farhi as a sister company to Stephen Marks’ French Connection brand, the upmarket company also retails homeware, as well as clothes for men and women, at five standalone stores in the UK and also sells its fashion clothing in concessions such as Harvey Nichols, House of Fraser and Selfridges department stores.
The company will continue trading while it holds talks with interested parties, according to the BBC, which added that customers may continue to exchange gift vouchers for goods as normal. Customers are also advised that that any returns should be made as soon as possible, however cash refunds will not be given.
Restructuring specialists Zolfo Cooper have been selected by the administrators to advise Nicole Farhi, which employs 75 staff across its retail network, as well as a further 44 staff at its London headquarters.
The BBC also reported that Peter Saville, a partner at Zolfo Cooper commented: “Nicole Farhi is a very powerful retail brand. Unfortunately, as with many other fashion retailers, the decline in high street spend coupled with rising costs has led to increased financial pressures on the business. We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand. We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors. As this work continues we will make further announcements as appropriate.”