Ads
Published
Oct 19, 2016
Download
Download the article
Print
Text size

Ireland's Exhibit enters administration after consumer spending shift

Published
Oct 19, 2016

Major Northern Ireland-based independent fashion chain Exhibit has gone into administration. The move follows a general downturn in trading conditions coupled with a “significant change in consumer spending patterns over recent times.”


The company said times are tough for independent retailers


The company said these factors had “significantly” hurt trade and highlighted “the continued difficulties experienced by independent retailers on the high street.”

The joint administrators, James Neill and Rachel Foster of HNH Group, are currently assessing the financial position of the firm and its assets and have made no statement on whether the business can be run as a going concern.

Staff have been told they will not be paid this week, according to media reports.

The chain has 14 stores and shop-in-shops across Northern Ireland, plus two stores in the Republic of Ireland and employs more than 100 people. The franchise, which operated under the business name Cucco Retail Limited, had been owned by Colin Rankin, brother of celebrity chef Paul Rankin. Its last set of accounts showed losses of over £191,000

Exhibit, which was founded in 1983, had offered affordable trend-focused product and was a high-profile player in Northern Ireland fashion retail.

Copyright © 2024 FashionNetwork.com All rights reserved.