Friday, 23 December 2011

La Senza Set to Enter Adminstration

The High Street lingerie retailer formerly owned by Dragon Den's Theo Phaphitis, La Senza intends to enter administration. The recent poor trading conditions and the general macro environment are said to be the effect of this chain's performance. 

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.

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