Agent Provocateur is reportedly on the brink of administration after restructuring firm AlixPartners was appointed to lead a sale process.
According to the Guardian, the retailer’s owner, private equity firm 3i, appointed AlixPartners because it was looking to sell the company due to shrinking high street sales and mounting debt.
It’s believed the UK lingerie chain could be sold for at least £30 million, which is the estimated amount it owes to lenders.
READ MORE: Agent Provocateur deal imminent
The newspaper said Agent Provacateur has already received bids from around five firms, including Alteri, French fashion brand Etam, and Lion Capital, the former private equity owner of American Apparel.
Meanwhile, 3i is also looking to finalise a deal ahead of a deadline for rent and rate payments which falls around late February or early March.