Internaçionale about to go into administration

Fashion retailer Internaiçonale UK is expected to appoint administrators this week after failing to turn

the business around.

Around 1,500 jobs are on the line as the fashion retailer prepares to appoint administrators this week, according to The Telegraph, which states that if a buyer isn’t found within weeks all 97 stores across the UK are likely to close.

Corporate restructuring specialist FC Fund Managers, led by former city trader Jason Granite, took control of Internaçionale this month after buying 35 million pounds of debt from chief executive Raj Sehgal.

Since taking over FC Fund Managers have made at least 20 staff redundant from Internaçionale's head office in Glasgow.

A formal announcement that PricewaterhouseCoopers, the accountancy giant, has been named administrators of the loss-making business is expected by the end of the week. Both PwC and FC Fund Managers declined to comment.