Lingerie chain La Senza has been rescued in a pre-pack administration deal.
KPMG was appointed administrator to La Senza today. It swiftly agreed to sell 60 La Senza’s stores to Alshaya UK, part of the Alshaya group of companies, an international retail franchise operator based in Kuwait.
La Senza confirmed that it was starting a programme to close 81 stores late last year. These stores do not form part of the sale to Alshaya, and have ceased trading. KPMG has closed a further three stores and 18 concessions.
It comes just hours after Blacks Leisure was sold to rival chain JD Sports.
Richard Fleming, joint administrator and UK head of restructuring at KPMG, said: “Alshaya is a leading international retail operator with long-standing links with the UK as the international franchise partner of a string of high street brands. This deal recognises the value of La Senza as a strong and popular high street brand with a loyal customer base.”
Mohammed Alshaya, executive chairman of Alshaya Group, said: “This is a strategic investment for us and a positive addition to our extensive international retail portfolio. This is the first step in a long-term commitment to developing the La Senza UK business, which we believe has great potential.”
annabel.dixon@estatesgazette.com
