Luxury fashion and homeware retailer Nicole Farhi has entered administration, putting 120 jobs at risk.
Peter Saville, Fraser Gray and Anne O’Keefe, partners at advisory and restructuring specialists Zolfo Cooper, were appointed joint administrators of NF Fashion Limited and NF Acquisitions Limited today.
Peter Saville, restructuring partner at Zolfo Cooper, said Nicole Farhi is “a very powerful retail brand.”
He said: “As with many other fashion retailers, the decline in high street spend coupled with rising costs has led to increased financial pressures on the business.”
Nicole Farhi, which operates five standalone stores and other concessions stands in department stores such as Harvey Nichols, House of Fraser and Selfridges, was sold by previous owners French Connection in 2010.
It employs 75 staff across its retail network and a further 44 at its London headquarters.
Following the appointment, administrators will continue to run the business whilst “exploring all possible options for its future including a sale of all or parts of the business.”
Saville explained: “We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand.
“We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors.
“As this work continues we will make further announcements as appropriate.”
The administrators have confirmed that Nicole Farhi gift vouchers will still be accepted and any returns should be made “as soon as possible” although cash refunds would not be given.