Henri Lloyd is the latest High Street retailer to go bust.
The sailing fashion retailer, which was founded in Manchester in 1963 and counts the Duchess of Cambridge among its fans, has seven stores around the UK.
It had earned a reputation for innovation in the designs of its waterproof clothing.
Bust: Henri Lloyd, which was founded in Manchester in 1963 and counts the Duchess of Cambridge among its fans, has seven stores around the UK
Henri Lloyd’s clothes are sold in House of Fraser, which yesterday announced it planned to shut 31 stores.
RSM Restructuring Advisory, the appointed administrators, said Henri Lloyd had faced ‘challenging trading conditions on the High Street’.
Henri Lloyd was set up by Angus Lloyd and Henri Strzelecki. After the Second World War, Strzelecki, who had been a decorated soldier in the Polish Army, settled in Manchester to study textiles and design before working with local clothing companies.
He earned the nickname ‘Waterproof Henry’ for his pioneering designs and was given an OBE in 1985.
The sailing store’s collapse came as Poundworld also fought for survival.
The budget High Street chain has filed a notice of intent to appoint administrators, giving the company ten days to continue rescue talks without creditors closing in. The time frame can be extended.
Owner TPG Capital, the US private equity group, is believed to be in discussions with potential buyers.
Poundworld is just the latest High Street company to be hit be rising costs, falling spending and the boom of internet giants such as Amazon.
Mother-and-baby retailer Mothercare is closing 50 stores, putting 800 jobs at risk, while the UK arm of Toys R Us collapsed into administration in February.