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Retail Spotlight- Internacionale Collapses into Administration

 

Posted At: 04 March 2014 13:15 PM
Related Categories: Administrations, Retailers

 

Despite previous plans to expand the brand’s awareness and consumer reach, Internacionale have officially gone into administration after months spent battling closures across the UK, with PwC appointed as administrators. Read on for Snapshop’s overview of the brand’s trading history and highlights of where the cracks started to show.

At SnapShop we wonder if the struggling retailer has focused too much energy into plans for expansion, at the expense of developing its offering in existing stores. From early 2013, despite news of redundancies and store closures, the brand was still promoting its plans to expand in the UK and overseas. Perhaps an opportunity was missed to pause these plans and instead concentrate on ensuring existing stores and retail offering were right.

 

On 28th February 2014 Internacionale went into administration, appointing PricewaterhouseCoopers to handle the process. Despite Internacionale’s bosses’ attempts to implement a turn-around strategy for the brand, shareholders made the decision to enter administration early due to continued poor trading and increasing debt pressures. Around 1,000 jobs are under threat currently and suppliers of the retailer have been counting potential losses, totalling what is understood to be £12m for unsecured creditors.
Administrators have said that they are looking to keep the retailer trading for as long as possible and, while there is no guarantee that staff, suppliers and landlords will be paid for debts, PwC have said that any new contracts agreed will be honoured.

24th February 2014- Internacionale filed to appoint administrators.

23rd February 2014- Internacionale were poised to file for administrators to be appointed, due to bailiffs arriving at stores over unpaid rent and rates.

17th February 2014- It was revealed that over a third of their staff were made redundant, including several head office staff, in an attempt to cut costs and save the business. It was also revealed that one store in Swansea had been closed. Speculation mounted over the retailer’s future.

2nd August 2013- Internacionale bosses fought to keep stores open for the run-up to Christmas, arguing that the surge in sales could save the struggling brand.

15th July 2013- Internacionale went on a mission to find rent-free spaces and negotiate cheaper rates from landlords in order to be able to keep staff and stores open.

12th July 2013- Internacionale were bought out after threatening to fall in administration. As a result however, eight stores were closed and 1,550 staff had to be transferred or offered redundancy pay.

25th June 2013- Internacionale teeters on the brink, filing a notice of intention to appoint administrators.

19th June 2013- Plans were unveiled for a full store re-fit at Crawley’s County Mall, as part of wider initiative to increased brand awareness and appearance among customers.

22nd April 2013- Despite redundancies earlier in the month, Internacionale bought a new unit at St. Stephen’s Shopping Centre in Hull as part of an expansion plan.

9th April 2013- Against the background of expansion plans, this is when the cracks initially started to show for the brand, as eight redundancies were announced with members of Internacionale’s buying and merchandising team losing their jobs.

21st November 2012- Internacionale signed a 10-year lease for a bigger unit at The Centre at Livingston, as part of the previously mentioned wider initiative to expand.

9th November 2012- Internacionale announced their new TV advertisement launch. News also confirmed that 150 stores were to be opened in the UK and branches overseas were planned by March 2013.

29th August 2012- Internacionale’s second launch for their e-commerce site took place, as a development of the first website launch.

24th July 2012- Internacionale posted their business review, outlining that 15 stores had been opened, but four of the weaker stores were closed, resulting in an increase in trading figures. Plans for expansion were also outlined.

17th July 2012- Internacionale joined Festival Place and announced new store plans to offer clothing for girls aged 8-15 years.

3rd May 2012- Internacionale launched their first e-commerce website.
 

SnapShop subscribers can view Internacionale’s retailer profile, related news, accounts and historical financial standing, by visiting Retailer Directory.

Subscribe to SnapShop to stay up-to-date with retail administrations and receive the latest retail news. Register for a free trial of the service and to receive an information pack here.
 

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The opinions expressed herein are the personal opinion of the author and are not intended as statements of fact and do not represent the view of SnapShop or Pragma in any way.

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