BCSC 2014: Shoe retailers Russell & Bromley and Dune are lining up to buy La Senza’s two Oxford Street stores from administrators.
Russell & Bromley is understood to be in talks to open in La Senza’s 3,500 sq ft shop at 334-348 Oxford Street, W1. It is paying a circa £2m premium to take assignment of the lease, which has eight to ten years unexpired. The deal is subject to the consent of the landlord, the Libyan government.
Dune is paying a circa £500,000 premium to open in La Senza’s store east of Oxford Circus. It is in discussions to trade in the lingerie chain’s store at 162 Oxford Street, W1. There are around seven years left on the lease on the 2,000 sq ft shop.
The Oxford Street stores are the most high-profile in La Senza’s portfolio.
La Senza is to close all its remaining stores after administrators decided to stop it trading.
The lingerie chain collapsed into the hands of administrators at PwC on 1 July with 55 stores operating under the La Senza brand in the UK in addition to three Pinkberry outlets.
Some 30 shops have already shut, and the remainder will close their doors during the following weeks.
The affected stores are in Marble Arch, Birmingham Bull Ring, Nottingham, Manchester Trafford Centre, Southampton, Dudley Merryhill, Brent Cross, Aberdeen, Reading, York, Stratford City, Solihull, Enfield, Uxbridge, Dundee, Basingstoke, Oxford Street, Leicester, Watford, Crawley, Liverpool One, and the Gateshead Metro Centre.
La Senza first slipped into administration in late 2011 and was bought by Alshaya, a Middle Eastern retail group. However, Alshaya has failed to effect a turnaround.
Savills is acting for La Senza.
annabel.dixon@estatesgazette.com
