// Restructuring firm Gordon Brothers expecting £1m after helping to shut Links of London’s 28 UK stores & 7 concessions after its collapse
// Gordon Brothers was tasked with selling leftover earrings, bracelets & necklaces
// The estimated fee for doing so is £890,000 plus tax, according to an administrators’ report
Links of London’s collapse in October last year has meant that a restructuring firm is in line for almost £1 million payday after it helped wind down the jewellery retailer.
Gordon Brothers, which was also involved in the administration of Toys R Us, was drafted in to work with administrators at Deloitte after Links of London collapsed, The Sunday Telegraph reported.
The restructuring firm was tasked with selling leftover earrings, bracelets and necklaces, and to help shut Links’ 28 UK stores and seven concessions.
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The estimated fee for doing so is £890,000 plus tax, according to an administrators’ report.
Meanwhile, Deloitte said it was unclear if there would be any money left for unsecured creditors such as landlords and suppliers, despite managing to sell £5.3 million of stock.
Deloitte was drafted in to find a buyer for Links of London, but it did not receive any offers.
In the nine months to the end of September, Links of London made a loss of £11.8 million on sales of £13 million.
The retailer was owned by the Greek retail group Folli Follie.
On July 17 2018, Folli Follie was found to have overstated its 2017 revenue by more than €1 billion (£854,000).
Folli Follie’s shares on the Athens Stock Exchange were suspended and founder Dimitris Koutsolioutsos resigned.
On August 23, Links of London was reportedly scrambling to find a new owner after Folli Follie asked potential suitors to finalise their bids.
Links of London shut down all US stores and 16 UK stores.