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Henley's Retail goes into administration
28
Mar '11
Henley's, a fashion retailer has shutdown all its 18 outlets and has filed an application for placing its retail subsidiary Henley's Retail under administration.

The 15 exclusive stores and other three outlets which were being managed under the banner of Henley's Retail Company have been closed down on account of 'poor trading' and 'difficult leases'. In the meantime, Simon Allport and Ernst & Young's Tom Jack have been appointed as co-administrators of the firm.

Tom Jack revealed that, the fashion retailer has been troubled due to poor business conditions on account of low consumer trust and also due to expensive lease agreements which it entered into while the property market was at its peak.

Shockingly, the news regarding the closure of the outlets and the firm filing for administration came just within a few weeks of the firm's announcement that, in an effort to give the brand a major face-lift, it proposes to launch new outlets throughout the UK and thereby, double the number of outlets.

Following this decision, the retailer would once again shift its focus to its core business, Henley's Clothing, which sells branded apparels to leading retailers in the UK and to over 200 private stores within the country and abroad.

The administration would not have any effect on the firm's online store, which would continue trading normally.

Fibre2fashion News Desk - India


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