La Senza rescued by Alshaya
Alshaya UK is has signed a pre-pack administration deal to buy 60 of the 144 La Senza lingerie stores thereby saving 1,100 UK jobs.
However, administrators KPMG have announced that 84 stores and 18 concessions have closed resulting in the loss of approximately 1,300 job losses although around 15 staff members of staff have been retained by KPMG to assist the administrators.
Alshaya, the Kuwait based international retail franchise operator for a number of UK retailers including Mothercare, Boots and Debenhams, plans to invest £100 million in the business including new store designs.
The company runs franchises for 55 brands in 19 countries, including Russia, where it already operates three La Senza stores.
Mohammed Alshaya, executive chairman of Alshaya Group in Kuwait, said: "We are delighted to have reached agreement to buy these La Senza stores - saving jobs, protecting a great brand for consumers and strengthening our UK presence and links.
"This is a strategic investment for us and a positive addition to our extensive international retail portfolio. This is the first step in a long-term commitment to developing the La Senza UK business, which we believe has great potential."
Email this article to a friend
You need to be logged in to use this feature.
Please log in here