FASHION retailer Internacionale could close its prominent Manchester Road store in Burnley after the company went into administration.
Bruce Cartwright, Lyn Vardy and Toby Underwood of PricewaterhouseCoopers LLP (PwC UK) have been appointed joint administrators of Internacionale UK Limited, which employs nine staff at its Burnley shop.
The firm, which has 89 stores and 1,000 workers across the UK, was formed from the administration of its predecessor business in July 2013, but said that it had ‘not enjoyed the anticipated growth and recovery’.
Mr Cartwright, joint administrator and partner at PwC said: “The company directors have worked with key stakeholders to try and find a solution to preserve the business.
“However, these efforts have proved to be unsuccessful against the backdrop of a fiercely competitive retail sector which, despite the improving economic conditions, can be unforgiving to businesses in financial distress.
“We are currently working with management to agree an orderly wind-down of the company, but we welcome any approaches to purchase parts of the store portfolio and safeguard jobs.
“We intend to continue to trade over the coming weeks in order to sell as much of the retail stock as possible and maximise the return to creditors. Staff have been - and will continue to be - paid for their work.
“Unfortunately, unless a willing purchaser for the business or store portfolio is forthcoming, it is inevitable that redundancies and store closures will become necessary as the administration process continues.
“The company and the administrators are making every effort to help staff through this difficult transition.”
Internacionale made 90 staff redundant earlier this year, mostly at its head office in Leeds.