Links of London on brink of collapse with 500 jobs at risk
Links of London, the jewellery chain owned by scandal-hit Greek retailer Folli Follie, is on the brink of collapse, putting 500 employees at risk of redundancy.
The jeweller has about 350 stores and concessions.
The news continues to underline the tough trading conditions facing retailers amid structural changes in the UK retail sector, and it follows the collapse of womenswear brand LK Bennett, another favourite of the Duchess of Cambridge, earlier this month.
Links is understood to be working with accountant Deloitte to review its options. According to the Sunday Times, it has considered launching a Company Voluntary Arrangement to cut rents and close stores, but a source told the newspaper that “they don’t need a CVA, they need a priest.”
The brand is owned by troubled Greek retail group Folli Follie, which was recently hit by a €20.3 million fine for allegedly misrepresenting sales in 2016. The move prompted the resignation of the company’s founders and the suspension of trading in its shares on the Athens Stock Exchange.
In 2017 Links of London posted a pre-tax loss of £20.6m despite reporting sales of £42.9m.
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