High street retailer Links of London has fallen into administration putting hundreds of jobs at risk. Deloitte has been appointed as the administrator once the company ran out of money and failed to secure a sale.
The retailer has 28 stores, seven concessions and employs some 350 people across the UK and Ireland.
Matt Smith, a joint administrator at Deloitte said, “The company has had to contend with difficult trading conditions that have impacted the whole retail sector.
“The directors have been seeking alternative solutions, including consideration of a CVA, refinancing or sale, but have unfortunately been unable to conclude such a transaction. In light of ongoing cash flow pressures, this has left the directors with no choice but to place the business into administration.
“We intend to continue to trade the business and will be exploring any options for a sale. If this cannot be achieved, then we will seek to realise stock and other assets over a period of trading for the benefit of the company’s creditors.
“The company is well known in its market, having been present on British high streets for almost 30-years.
“This is not the outcome we hoped for and will of course be difficult news for employees and their families.
“We appreciate the support of management and we will continue to support employees through this time.”
At this stage no redundancies have been announced.