UK: Fashion retailer Kookai hits bankruptcy
Fashion retailer Kookai has been forced to call in the administrators after franchise holder Forminster failed to secure a new contract with Kookai's French parent company, Groupe Vivarte.
Deloitte administrators are carrying out an evaluation of Forminster subsidiary Adjustbetter, Kookai's UK trade operator.
Deloitte said: "The administrators are carrying out a rapid review of the business, and in the meantime the business continues to trade whilst a buyer for some or all of the business as a going concern is found".
Administrator Neville Kahn commented said: "Kookai is a very strong retail brand. For some time there has been uncertainty over the franchise arrangements with Kookai SA and this administration enables more stability to be brought into the business.
"The operations will continue to trade and I am very confident that with the support of staff, customers and suppliers we will be able to conclude a sale of some or all of the business as a going concern."
Kookai currently trades from 25 stores and 30 concessions across the UK and employs 600 people.
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