Page last updated at 17:01 GMT, Wednesday, 31 December 2008

Retailer Morgan in administration

Morgan shop front
Morgan has been seeking a sale since the start of 2008

French women's clothing store chain Morgan has gone into administration, the latest retailer to be hit by the sharp fall in consumer spending.

The company, which expects to report a 9% decline in 2008 sales, said it still hoped to be able to sell the business.

Private equity group Apax Partners owns 40% of Morgan, while the firm's founding families - Bismuth and Barouch - own another 40% between them.

The majority of Morgan's UK stores closed in April this year.

The small number that remain are licensees.

UK childrenswear retailer Adams also went into administration on Wednesday.

Widely speculated since the weekend, Adams' 271 stores will remain open while their viability is assessed, but the administrator warned that some closures were likely.

The Nuneaton-based firm, the UK's largest independent childrenswear seller, employs 3,200 people.

Sector-wide woes

Morgan's move into administration comes after the same happened to UK retailers Woolworths, Zavvi, Whittard and The Officers Club.

575 shops
Founded in 1968

The final Woolworths stores are now due to close on 5 January after administrator Deloitte failed to find a buyer for the whole company.

Music and games retailer Zavvi went into administration on Christmas Eve.

Tea and coffee specialist Whittard went into administration before Christmas due to "trading difficulties", but it was quickly bought for an undisclosed sum by Epic private equity partners.

Print Sponsor

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Sign in

BBC navigation

Copyright © 2017 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific