British fashion chain Joy files for administration

New York –UK’s fashion retailer Joy Group has just announced its intention to appoint administrators, two years after it was bought out of insolvency in a pre-pack deal with its founders.

The chain, which has 10 stores across the country, is understood to have lined up KRE Corporate Recovery, which handled the administration in 2017, reports ‘TheTimes’.

Founded by Joy Maureen Chadha, 65, Joy went bust for the first time in September 2008. It was bought back by Chadha, who saved 12 stores. Now, it’s posed to collapse for the third time, just two years after it was acquired out of insolvency in a pre-pack deal by its founders.