Luggage and handbags retailer Bags Etc has fallen into administration, with 350 jobs to be lost in the process.
Bags Etc, which also traded as Domo, traded from 58 shops of varying sizes around the UK and Ireland and recorded around £20 million in sales last year.
It drafted in CVR Global, a liquidators from restructuring and insolvency firm, after experiencing financial difficulties.
Based in Harlow, Bags Etc was formed in 2003 and grew to employ about 350 people across its shops and warehouse operations.
“Over recent years the retailer suffered with a number of stores in its portfolio that were loss-making as consumers congregated to stronger, premium and central shopping centres, resulting in its stores that were located in suburban shopping centres losing significant traffic flow,” CVR Global partner Elias Paourou said.
“In addition, the shift in consumer behaviour towards online platforms also provided a detrimental effect on overall sales via stores.
“Consequently the company was not able to continue trading, resulting in liquidation and the staff being made redundant.”
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