DLA and Turner Parkinson act on Internacionale pre-pack
DLA Piper and Manchester-based boutique Turner Parkinson have acted on the pre-pack administration of high street fashion retailer Internacionale, saving some 1,550 jobs. Internacionale, which prior to administration had 132 stores across the UK, was sold as a going concern to an undisclosed purchaser, with the existing shareholders backing the newly formed company Internacionale UK Limited.
July 15, 2013 at 06:27 AM
2 minute read
DLA Piper and Manchester boutique Turner Parkinson have advised on the pre-pack administration of high street fashion retailer Internacionale, saving some 1,500 jobs.
Internacionale, which prior to administration had 132 stores across the UK, was sold as a going concern to an undisclosed purchaser, with the existing shareholders backing the newly formed company, Internacionale UK Limited.
The deal will see the closure of 18 of Internacionale's stores, with the remaining stores, head office and finance operation transferred to Internacionale UK Limited.
DLA advised administrators Ernst & Young, with Manchester partner Martin Keates leading a team, while a seven-lawyer team at Turner Parkinson headed by insolvency head Mark Lund led for the acquirer.
"High street retailers have faced unprecedented conditions over recent years, and the market for fashion clothing has become increasingly competitive," said Ernst & Young joint administrator Tom Jack.
"The business has been significantly loss making over recent years and although the directors have sought to restructure and reposition Internacionale, with significant cash investment from shareholders, it has not proved possible largely because of the high fixed costs of the business."
The roles mark the latest in a spate of mandates for law firms in the wake of several retail collapses, with Linklaters and Morrison & Foerster advising on the administration of HMV and SNR Denton taking the lead role for PricewaterhouseCoopers on the Jessops collapse.
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