Stefanel UK falls into administration

The UK arm of Italian fashion brand Stefanel has reportedly fallen into administration and will close its two London stores.

Administration and insolvency practitioners CVR Global have been called in to deal with the process, Retail Week reports. The company will be closing both its London stores, on Regent Street and in Covent Garden.

The news comes weeks after Stefanel applied for special administration under bankruptcy law. Shares were suspended in the company in early June. In September, it announced a loss of 20.9 million euros and a net worth of 7.5 million.

Photo credit: Stefanel Official, Facebook