Administration Weekly News Round Up
By: Business Rescue Expert
Animal, the Poole-based surfing wear and accessories company has announced it intends to close its 29 stores and cease business entirely by next year.
This also means that it's existing stockists including Debenhams and John Lewis will not be resupplied.
Their parent company H Young holdings said that the business was losing money and all attempts to save and sell the business had proved unsuccessful.
A spokesperson said: "As a result of the extremely challenging retail market which has now further worsened due to Covid-19, we will be closing Animal by the end of January 2021."
Pain spreads to bakeries
Belgian themed bakery chain Le Pain Quotidien is set to appoint administrators in the near future putting its 26 UK sites and over 500 jobs at risk .
The business will remain up for sale until the last possible moment but if no buyer can be found, and it is even more difficult under the current circumstances, then administration will be the favoured option.
Cath Kidston closes all UK stores, moves online only
Clothes designer and retailer Cath Kidston went into administration earlier this month.
The brand was bought out from the administrators by its owning group Baring Private Equity Asia (BPEA) which has held a stake in them since 2014.
They purchased the online business, brand and wholesale arm to continue as a 100% online only brand.
This means that it's 60 physical UK stores will close with the loss of 900 jobs.
CEO Melinda Paraie said: "While we are pleased that the future of Cath Kidston has been secured, this is obviously an extremely difficult day as we say goodbye to many colleagues.
"Despite our very best efforts, against the backdrop of Covid-19, we were unable to secure a solvent sale of the business which would have allowed us to avoid administration and carry on trading in our current form.
"I would like to thank all our employees for their hard work, loyalty and patience over the last few weeks as we worked through this process."
Last orders for Beales Gourmet
The coronavirus pandemic outbreak and lockdown has been particularly devastating for the outdoor catering industry.
Beales Gourmet, who host weddings and corporate events at such high-profile venues as Lulworth Castle, Highcliffe Castle, Sopley Mill and Sunninghill House have entered administration.
Administrators are looking to sell the company either wholly or in part and acknowledged that: "It's unfortunate that due to the current unprecedented crisis and restrictions around social gathering, have had a negative impact on what was otherwise a highly successful and reputable business."
While businesses are understandably getting anxious about being able to reopen, until the all-clear comes not much is going to change in the near future.