A business in Kuwait has bought a lingerie store in Milton Keynes, safeguarding the jobs of 20 employees. The La Senza store in Silbury Arcade is one of the 60 strong chain that has been saved from the sale by their administrators, KPMG, to Alyshaya UK Ltd., which is part off the Alshaya group.
Joint administrators David Standish, Rob Croxen and Richard Fleming are the KPMG’s restructuring partners who completed the agreement to sell part of the business to the Kuwait based international retail franchise operator. Alshaya now own 60 La Senza stores in the UK and have secured around 1100 jobs in the process.
La Senza UK confirmed on December 30 that they were commencing a programme that would see 81 store closures, including their outlets in Aylesbury, Hemel Hempstead and Luton. These stores were not included in the Alshaya sale and have now ceased trading. The administrators have since announced that a further 3 stores will close, along with 18 concessions.
The closure of 84 stores and the 18 concessions has unfortunately led to around 1300 job losses, and around 15 staff members have been kept on my KPMG to assist the administrators.
Richard Fleming has said that Alshaya is one of the leading international retail operators that already has long standing links with the UK and is an international franchise partner in a string of high brand weeks. He added that the deal recognised the value of La Senza as a popular and strong brand on the high street that has a loyal customer base.
Mohammed Alshaya is the executive chairman of the Alshaya group in Kuwait, and he has said that they are delighted to have reached an agreement to buy the :La Senza stores, in turn saving jobs and protecting a brand that is favoured on the high street. He also said that this was an exciting opportunity for them to strengthen their presence in the UK and that is was a strategic investment that added to their extensive international portfolio.