Nicole Farhi enters administration
Upmarket fashion and homewares retailer Nicole Farhi has entered administration, putting over 100 jobs at risk.
Yesterday it was announced that Zolfo Cooper has been appointed as administrator to NF Fashion Limited and NF Acquisitions Limited, the companies founded in 1982 by fashion designer Nicole Farhi and former French Connection chief Stephen Marks.
In addition to a flagship store on London’s Conduit Street, the brand has five standalone stores, ten concessions in the UK and Ireland, an e-commerce website and a wholesale arm.
Nicole Farhi employs 75 staff across its retail network, with an additional 44 staff at its headquarters in London.
The administrators said that they will continue to trade the companies while exploring possible options including a sale of all or parts of the business.
Peter Saville, partner at Zolfo Cooper said: “Nicole Farhi is a very powerful retail brand. Unfortunately, as with many other fashion retailers, the decline in high street spend coupled with rising costs has led to increased financial pressures on the business.
“We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand. We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors. As this work continues we will make further announcements as appropriate.”
Meanwhile, the administrators said that gift vouchers would be honoured and that customers wishing to return goods could exchange them for another item.
Formerly part of French Connection, Nicole Farhi was sold to OpenGate Capital In 2010. Last year the business underwent another sale this time to Kelso Place Asset Management which pledged to invest up to £15 million in the brand’s expansion.
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