UK: Ciro Citterio In Administration Again
The operator of more than 100 stores across the UK posted a loss of £9.7 million on turnover of £65m last year and owes creditors between £14m and £15m.
Financial restructuring firm Kroll said five possible buyers had contacted them and they expect to complete its sale by the end of next month. The chain, owned by Trident Fashions, will operate as usual in the meantime.
Trident paid £5m for the retailer two years ago and immediately axed 42 stores and 120 jobs.
A Kroll spokesman declined to name any of the potential buyers, but added: "They are all either existing high street retailers or entrepreneurs looking to enter the UK retail market."
Help test our new apparel sourcing tool.
- Trump and the apparel industry – Infographic
- How US border adjustment tax could affect apparel
- British Brexit plans prioritise tariff-free trade
- $1.7bn package to boost Pakistan clothing exports
- Mexico riots hit apparel retailers and shipments
- Cambodia clothing exports at risk from Brexit
- Apparel brands urge Bangladesh PM to address wages
- MAS Holdings planning second industrial park
- American Apparel to shutter all stores?
- Better compliance "crucial" for Bangladesh growth
- Outdoor performance apparel 2016: A broader perspective
- Anti-odour clothing: fresh fashion for an active lifestyle
- Global apparel markets: product developments and innovations, October 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022