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King’s Lynn shop workers facing redundancy

The Vancouver Quarter was evacuated after a smell of smoke in 'Internacionale'. ENGANL00120120924153548

The Vancouver Quarter was evacuated after a smell of smoke in 'Internacionale'. ENGANL00120120924153548

Staff at a Lynn fashion store could lose their jobs unless a new buyer for the business can be found.

Workers at the Internacionale Uk store in the Vancouver Quarter are facing redundancy as the company is being wound down after the administrators were called in last month.

Shareholders took the decision to withdraw support from the business due to continued poor trading and increasing creditor pressure.

The company owns 89 stores across the country and employs approximately 1,000 staff.

Joint administrator Bruce Cartwright said: “The company directors have worked with key stakeholders to try and find a solution to preserve the business. However, these efforts have proved to be unsuccessful against the backdrop of a fiercely competitive retail sector which, despite the improving economic conditions, can be unforgiving to businesses in financial distress.

“We are currently working with management to agree an orderly wind-down of the company, but we welcome any approaches to purchase parts of the store portfolio and safeguard jobs. We intend to continue to trade over the coming weeks in order to sell as much of the retail stock as possible and maximise the return to creditors. Staff have been –and will continue to be- paid for their work.

“Unfortunately, unless a willing purchaser for the business or store portfolio is forthcoming, it is inevitable that redundancies and store closures will become necessary as the administration process continues. The company and the administrators are making every effort to help staff through this difficult transition.”

 

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