The UK franchise of lingerie chain La Senza has fallen into administration for the second time in three years, putting 752 jobs at risk.
Administrator PwC said “very difficult trading conditions” had hit the retailer as deep discounting has typified a High Street fighting hard for custom.
Despite efforts to make the chain more commercially viable, administrators were called in to Marnixheath, which runs 55 stores under the La Senza brand in the UK and three Pinkberry stores. La Senza’s North American arm remains unaffected.
PwC joint administrator Robert Moran said: “The challenging conditions in the UK high street are well documented. Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending.”
Moran said there are no immediate plans to close any shops as the accountancy giant searches for a buyer for the business.
The lingerie chain’s website is currently unavailable and tells customers “Oops! You caught us with our panties down.” and that the site is down for maintenance.
A spokeswoman for Marnixheath said: “Every effort has been made for two and a half years to transform and revitalise the La Senza UK business, but it has continued to experience difficult trading conditions, against the backdrop of a challenging economy and the changing dynamics of the UK retail market.
"We have, therefore, decided with regret that there is no alternative to administration."
Middle Eastern retail giant Alshaya bought La Senza out of administration in 2012 after the economic downturn hit retail spending.
The chain was bought by Dragon’s Den star Theo Paphitis in 1998 and he later sold his stake for £100 million to Lion Capital after improving its fortunes.
