Ralph and Russo has announced that it has been placed into administration putting its 400 worldwide employees at risk.
Last week, a spokesman for the brand told Sky News that the company would “fight any attempt” by creditors to force it into insolvency.
Following a year of affected trading caused by the Covid-19 pandemic, the retailer appointed Paul Appleton of Begbies Traynor Group and Andrew Andronikou of Quantuma Advisory as joint administrators who will investigate “all possible options” to secure the future of the brand for the benefit of all Stakeholders.
Commenting on the company’s administration, Ralph said: “In the last 12 months we have experienced unprecedented trading conditions throughout the pandemic which has put a tremendous strain on our business and retailers across the world. In spite of these difficulties, we have continued to serve our customers during this time.
“I have been assured that this process will help refinance the business and allow us all to do what we love best – creating for our women across the world. I would also like to reaffirm my commitment to the brand and to taking it to new heights in the future. My clients, staff and I have an unbreakable bond and we will come through this together.”