Earlier this week, it was looking likely fashion retailer, Internacionale, would be entering administration - reports today have now confirmed the move, putting 1,500 jobs at risk.
Stores will stay open to sell the remaining stock while the company begins to wind down, with PwC ensuring staff will be paid.
PwC were appointed administrators yesterday and are welcoming offers to buy the business. Joint administrator, Bruce Cartwright said, 'The company directors have worked with key stakeholders to try and find a solution to preserve the business. However, these efforts have proved to be unsuccessful against the backdrop of a fiercely competitive retail sector which, despite the improving economic conditions, can be unforgiving to businesses in financial distress'.
We are not involved in the administration and questions should be directed to PwC who are handling the administration.
If you are an employee of the business, and you're worried about what might happen in the future, then please listen to the video below as it will tell you your rights as an employee of a insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.