UK: Pink Soda and Peter Werth brands for sale
Administrators say it is business as usual for the Peter Werth and Pink Soda brands after private equity investors withdrew their support.
Brand Acquisitions, the company behind Springrealm which owns the brands, went into administration on Friday (13 May), with a new owner now being sought while trading continues. Several interested parties have already come forward, according to the administrators.
Peter Werth and Pink Soda are wholesalers and retailers of men's and women's fashion respectively and operate from a head office, including warehousing facilities, in North London and a showroom in Manchester.
Peter Werth has a standalone store in Liverpool, 34 concessions within House of Fraser and has around 200 wholesale accounts in the UK, Belgium and Germany.
An undisclosed number of employees at the headquarters have been made redundant, leaving 70 staff across both businesses.
“It is our intention to trade the business as a going concern, with a view to finding a buyer and securing the jobs of the remaining employees," said Jason Baker, a partner at administrator FRP Advisory.
Department store retailer House of Fraser has posted a drop in first half profits after the costs associated with the opening of a new distribution centre offset a rise in sales....
- Three tipping points for RFID in fashion
- Capacity building key to Myanmar momentum
- Cotton “too diverse” for fixed sustainability plan
- Apparel buyers point to potential in Africa
- China undisputed giant of garment exports
- Wal-Mart silent on Rana Plaza lawsuit
- SOURCING: Global sourcing snapshots launched
- VF Corp lifts outlook despite Q1 profit fall
- Nike criticised over Vietnam sourcing ethics
- Garment group reiterates labour rights commitment