Trading continues across their 146 stores and 18 concessions, which has approximately 2,600 UK staff. No redundancies or store closures have yet been planned.
Theo Paphitis tells BBC Radio 5 live, "It's sad because it's a company that I used to consider was my baby back in the early 2000s and it's sad to see it go off the High Street." (Source: BBC News)
Paphitis bought the chain in 1998, revived its fortunes, and then sold his stake in the company to private equity group for Lion Capital for £100m.