UK casualties of fashion

It has been a tough year for British high street fashion. The consumer downturn has seen customers think twice about spending their pounds on clothing and accessories and the result has been a string of businesses going into administration,

being sold or shutting down altogether.

This week Rare London, the young women's fashion chain, is thought to be put in administration by parent company Fashion Finder. The brand, which is stocked at stores such as House of Fraser and Asos, was founded in 1999.

The latest casualties
But Rare London is just the latest casualty in a string of struggling businesses. Last year at this time Aquascutum went into administration. Just 30 out of 115 jobs were saved when administrators agreed to sell the Corby factory Swaine Adeney. The brand, including the UK stores, was since sold to Hong Kong's YGM Trading. At the time Acquascutum operated 10 stores and 16 concessions.

Finance struggles affect Peacocks
Value fashion chain Peacocks also went into administration last year. The company was bought in a management buyout from the founding Peacock family in the mid 1990s, and find itself struggling to refinance its 240 million debts. Administrators KPMG cut 249 HQ jobs on 19 January, leaving 266 staff at the head office. Then a few days later the firm's Bonmarche chain was sold to Sun European Partners. Sun agreed to run 230 stores but close about 160, making 1,400 staff redundant.

JJB Sports sales declined over 5 years
JJB Sports suffered a similar fate. The company had seen its sales in decline for five years as the over-indebted firm was unable to compete with the pricing of its far more successful rival Sports Direct. The company announced plans on 24 September 2012 to enter a pre-pack administration following the failure of an attempted sale of the company over the summer. One week later Sports Direct said it was buying JJB's website and 20 of its stores, which were rebranded Sports Direct. The remaining JJB Stores were closed.

La Senza, the upmarket lingerie business that employed 2,600 UK employees and operated 146 stores, blamed High Street "trading conditions" and the economic environment for its administration woes. When it went into administration on January 9th, 60 of its stores were bought by Arabian retail group Alshaya, saving some 1,100 jobs. However the remaining 84 stores and 18 concessions were set to close, resulting in 1,300 job losses.

Young fashion brand Jane Norman, which has stores on London's Oxford street, experienced "severe cashflow difficulties" and depressed sales, resulting in debts of 140 million pounds and it going into administration. Edinburgh Woollen Mill bought 33 of its stores, however, 95 stores and concessions have closed permanently, resulting in 382 staff losing their jobs.

Image: Closed for Business