(Filed Under Financial and General Interest News). Marnixheath Limited, which controls the La Senza lingerie chain of 55 stores in the UK, has been placed into administration, a legal status similar to bankruptcy. La Senza operations in other parts of the world are controlled by L Brands and are unaffected by the move.

PwC reported that Robert Moran, Mike Jervis and Stuart Maddison of PwC have been appointed as joint administrators of Marnixheath Limited” at the beginning of July. Marnixheath also operates three Pinkberry outlets in the UK, and the company in total employed 752 across England, Wales and Scotland.

In a statement, PwC noted “The La Senza UK store portfolio was acquired in 2012, but has experienced very difficult trading conditions. This has resulted in the company being placed into administration, despite sustained efforts to make the businesses more commercially viable.”

Moran, one of the administrators from PwC explained, “The challenging conditions in the UK high street are well documented. Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending.”

“The administrators are continuing to trade the businesses as normal for the time being 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.

“There are no immediate plans to close any stores and the administrators shall continue to assess the trading strategy over the coming days and weeks. “Staff have been –and will continue to be paid for their work. The company and the administrators are making every effort to help staff at this difficult time.”

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Published 07-17-2014 by -