Published Friday, 28 February 2014
There are 10 Internacionale stores based in Northern Ireland. (© UTV)
In a statement on Friday, Bruce Cartwright, Lyn Vardy and Toby Underwood of PwC announced their appointment as joint administrators of Internacionale UK Limited.
The high-street retailer specialises in women's clothing and has 89 stores across the UK with approximately 1,000 staff.
There are 10 stores across Northern Ireland, employing around 119 staff.
Internacionale was formed from the administration of a predecessor business in July last year however, as the economy remained flat, the company has not enjoyed the anticipated growth and recovery.
Earlier this year, the owners engaged advisers to produce a turnaround and contingency plan intended to secure support for the business until late March, when the company's ongoing viability would be reassessed.
As part of an interim cost cutting exercise, 90 redundancies were recently made, mostly at head office.
The company has experience continued poor trading and increasing creditor pressure, particularly from rating authorities and landlords and the shareholders have decided they can no longer support the business and have decided to wind down the business through administration.
Bruce Cartwright, joint administrator and partner at PwC said: "The company directors have worked with key stakeholders to try and find a solution to preserve the business.
"However, these efforts have proved to be unsuccessful against the backdrop of a fiercely competitive retail sector which, despite the improving economic conditions, can be unforgiving to businesses in financial distress.
"We are currently working with management to agree an orderly wind-down of the company, but we welcome any approaches to purchase parts of the store portfolio and safeguard jobs.
"We intend to continue to trade over the coming weeks in order to sell as much of the retail stock as possible and maximise the return to creditors. Staff have been -and will continue to be - paid for their work. "
© UTV News