UK: Upmarket lingerie firm Boudiche forced to close
The latest victim of the contraction in high street spending is upmarket lingerie retailer Boudiche, which has called in administrators to try to sell the brand and its assets.
The fast-growing Scottish firm, which was launched in 2005, saw turnover grow 9% last year from its stores in Edinburgh and Glasgow as well as its online business which attracted sales from over 50 countries.
But administrators say that despite the success of the concept and its growing profile, the recession and a reduction in footfall due to Edinburgh's tram works left the business with serious cash flow problems.
"Boudiche is a very high profile brand and was a rising star in the quality lingerie market, with the potential for further development, in particular the online business," says joint administrator Tom MacLennan, head of recovery at RSM Tenon in Scotland.
"The administration offers an exciting opportunity for an entrepreneur to acquire the brand and assets and develop the business."
In the meantime, both stores have been closed, online trading has been suspended and all 13 staff have been made redundant.
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