LONDON — The La Senza lingerie brand in the U.K. entered into administration for the second time in the past three years Tuesday. PricewaterhouseCoopers in London said this week that it had been appointed as the administrator of Marnixheath Ltd., which trades in the U.K. as La Senza and Pinkberry. Marnixheath Ltd. was previously known as Alshaya U.K., which acquired La Senza in early 2012, after it went into administration in late 2011. Administration is broadly the U.K. equivalent of entering Chapter 11 bankruptcy protection.
PwC said that since its acquisition by Alshaya U.K. in 2012, the company has “experienced very difficult trading conditions.” “This has resulted in the company being placed into administration, despite sustained efforts to make the business more commercially viable,” PwC said. It also said that the firm had been “hit hard by the difficult economic environment and a slowdown in consumer spending.” PwC confirmed that the North American La Senza operations, owned by L Brands, and its franchises throughout the rest of the world, are not affected by the U.K. business entering administration.
Robert Moran, one of the joint administrators at PwC, said that the business would continue to trade as normal, “whilst discussions take place with interested parties in respect of a sale.” “We welcome any approaches to purchase all or part of the store portfolio,” said Moran. He noted that there are no immediate plans to close any of the retailer’s 58 U.K. stores, saying that PwC will assess the trading strategy "over the coming days and weeks." He also said that the firm’s 752 staff in the U.K. would continue to be paid for their work. “The company and the administrators are making every effort to help staff at this difficult time,” Moran said.
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