Basler UK stores enter administration
The British arm of upmarket German fashion brand Basler has now also entered administration, with staff at the brand’s 3 standalone UK stores, outlets and 17 concessions at risk of redundancy.
Basler UK has appointed Arron Kendall and Simon Thomas, partners at Moorfields Advisory, as joint administrators. The announcement comes after its parent company’s collapse earlier this year.
The long-established Basler Fashion Group GmbH has been subject to formal restructuring in Germany since May 2017, but the search for a buyer failed to generate acceptable offers for the business.
As a result, Basler Fashion Group GmbH has now entered a formal liquidation process, causing all subsidiaries, including the UK, to enter insolvency procedures.
“Like many premium clothing brands, Basler has struggled to keep itself relevant to its core customer base, which has been exacerbated by difficult trading conditions and a reduction in discretionary spend,” said administrator Arron Kendall, from Moorfields Advisory.
Basler UK has stores on London’s Bond Street, in Chichester and Epsom, as well as a factory outlet in York and 17 concessions. It has also over 100 wholesale customers throughout the UK and Ireland, with collection available at upmarket retailers such as House of Fraser, Harrods and Beales.
Moorfields Advisory said it will continue to trade the Basler UK operations as normal to fulfil wholesale orders, whilst conducting a stock liquidation through the retail outlets.
Basler was founded in Berlin in 1936 and is now headquartered in Goldbach, Germany. The company also operates in the United States, Australia and throughout Europe.
The first UK store opened in London in 2007.
Basler Fashion Group GmbH employs over 1,100 people worldwide and operates more than 1,900 points of sale, including 40 own-brand stores, 80 concessions and 13 outlets. The company made £100m in sales last year.
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