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Passion for Perfume calls in administrators at a cost of 194 jobs
Business consultancy Deloitte said today it had been appointed as administrator to British retailer Passion for Perfume and that 194 jobs had been cut in the latest casualty of the downturn in consumer spending.
Deloitte said 185 jobs had been axed across the retailer's 45 stores, with another 9 cut at its head office in Manchester.
"We will continue to seek a buyer for the business and assets of the company but do not intend to trade the business," Deloitte said in a statement.
The firm traded online and from 45 stores across the UK, which are already thought to be closed.
All staff made redundant are understood to have been paid in full, according to Deloitte joint administrators Bill Dawson and Ian Brown.
They will now seek to find a buyer for the business and assets of the company.
Deloitte said Passion for Perfume had been struggling amid challenging trading conditions and reduced consumer demand.
The chain was owned by Manchester-based property developer and entrepreneur Brendan Flood, Nigel Tobias and James Michael Riddell, who launched the business in 2004.
Passion for Perfume follows a string of other retailers into administration, a form of creditor protection, as consumers cut back spending amid rising unemployment, diving house prices and fears of a deep recession.
Deloitte said 185 jobs had been axed across the retailer's 45 stores, with another 9 cut at its head office in Manchester.
"We will continue to seek a buyer for the business and assets of the company but do not intend to trade the business," Deloitte said in a statement.
The firm traded online and from 45 stores across the UK, which are already thought to be closed.
All staff made redundant are understood to have been paid in full, according to Deloitte joint administrators Bill Dawson and Ian Brown.
They will now seek to find a buyer for the business and assets of the company.
Deloitte said Passion for Perfume had been struggling amid challenging trading conditions and reduced consumer demand.
The chain was owned by Manchester-based property developer and entrepreneur Brendan Flood, Nigel Tobias and James Michael Riddell, who launched the business in 2004.
Passion for Perfume follows a string of other retailers into administration, a form of creditor protection, as consumers cut back spending amid rising unemployment, diving house prices and fears of a deep recession.
Mon, 5th Jan 2009