Internacionale stores saved in pre-pack deal
Over 1,500 jobs have been saved at collapsed fashion retailer Internacionale after the business was sold in a pre-pack deal by the administrators.
The business has been bought as a going concern by Internacionale UK, a new company backed by existing shareholders.
The sale has saved 114 of the company's 132 stores although the remaining 18 stores have closed.
Ernst & Young were appointed as administrators after attempts to restructure the struggling business failed.
Joint administrator Tom Jack said: "The business has been significantly loss-making over recent years and although the directors have sought to restructure and reposition Internacionale, with significant cash investment from shareholders, it has not proved possible largely because of the high fixed costs of the business.
"This has resulted in the retailer being unable to continue to operate outside of administration."
He added: "The business will continue to trade without interruption, all of the 1,550 jobs have been transferred to the new owner and the future of Internacionale on the UK and Ireland high street has been safeguarded.”
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