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Retail Spotlight – Life & Style collapsed into administration

 

Posted At: 10 June 2011 15:17 PM
Related Categories: Administrations, Retailers, Store Closures

 

 

 

Following the recent news that the fashion and homewares retailer Life & Style has collapsed into administration; we reviewed and updated the retailer record on SnapShop.  Below is a summary of the retailer profile and highlights of the administration:

6/04/2010 – Life & Style Retail Limited was formed when Ethel Austin (comprising of 90 stores), the value chain and Au Naturale, was sold back to Elaine McPherson for a second time for an undisclosed amount by administrator MCR

19/05/2010 - Elaine McPherson, the former owner of Ethel Austin, has secured an injection of funds to launch Life & Style
04/01/2011 – Retailer signed a 10 year lease for an for an 8,700sq ft unit in Gallions Reach shopping park in Beckton, East London

08/01/2011 – Retailer reported to be on the brink of collapse after just over a year in existence

10/06/2011- Life & Style collapsed into administration and SKG Capital (headed up by entrepreneur Chris Althorp-Gormlay), the private equity business, is thought to be the frontrunner to acquire the retailer. Its banks appointed RSM Tenon as administrators. Loss of jobs (if any) was not clear.

21/06/2011 – Life & Style is closing 22 of it 150 stores and making 274 people redundant as administrators RSM Tenon continue talks with potential buyers.

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Retailer Profile – Life & Style

Life & Style was born from the ashes of Ethel Austin and Au Naturale, when the value chains assets were rescued from administration by Elaine McPherson in March 2010. It is a fashion and homewares chain which consists of over 90 former Ethel Austin stores. McPherson wanted to grow the business to 200 stores over the next two years.

It was positioned in the Lower Middle/Value sector of the market with a focus on Classic Safe fashion.

Related Blogs:

Georgina Goodman goes into administration

Peter Werth & Pink Soda for sale

Focus in Administration - Updated

 

 

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