LONDON — Hardy Amies, the Savile Row couture and ready-to-wear house, has filed a notice of intention to appoint an administrator, the U.K.’s equivalent of filing for Chapter 11.
The move came following the company’s suspension of its shares on the London Stock Exchange’s AIM market last week after its largest shareholder, the Icelandic investment company Arev, rejected Amies’ request for further financial support.
“The board has approached and has been approached by various parties in relation to the potential provision of funding to support Hardy Amies’ working capital requirements,” the company said. “The board has, as yet, been unable to finalize an offer that would secure the future of the company, [and has] therefore today taken the decision to file a notice of intention to appoint an administrator.”
Last year, Arev, which owns 49.3 percent of Hardy Amies, made a loan of $5.7 million available to the company to finance its retail rollout, after which the label opened men’s wear stores in Edinburgh and Chester in the U.K., and a women’s wear store in London. It also signed a partnership with the Aussino Group to open stores in China.
According to Amies’ latest full-year financial results released in June, Arev has made further loans of 1.5 million pounds, or $2.7 million, to the company this year. However, in June the company reported losses of 1.7 million pounds, or $3.1 million, for the 2007 fiscal year, which it said were partly the result of writing down the value of its poorly performing women’s wear lines.
The British label was founded by Hardy Amies as a tailoring house in 1946, and Amies went on to create gowns for Princess Elizabeth, who was later to become Queen Elizabeth II, and other members of the royal family. He also developed a significant men’s wear licensed business, particularly in Japan and at one time in the U.S. Amies died in 2003, before which Ian Garlant took over as creative director of the label.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)