The upmarket fashion retailer Nicole Farhi has plunged into administration.
The retailer was founded in 1982 by the French Connection boss Stephen Marks and Nicole Farhi herself, who was his partner at the time.
The fashion brand has five standalone stores and also sells its clothing in department stores Harvey Nichols, Selfridges and House of Fraser across the UK.
It maintains that trading will continue while it holds talks with interested parties. The retailer is already in discussions with a number of interested parties but 119 jobs are at risk as it aims to find a buyer.
Restructuring specialists Zolfo Cooper confirmed the news and have been appointed to advise the firm. Nicole Farhi employs 75 staff across its retail network, and has another 44 staff employed at its London headquarters.
Peter Saville, a partner at Zolfo Cooper said: “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 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.”
Zolfo Cooper also confirmed that customers with gift vouchers may continue to exchange these for goods as normal and that any returns should be made “as soon as possible” although cash refunds would not be given.
