High street retailer East slides into administration

 
Emma Haslett
Follow Emma
Christmas Shoppers Hunt For Last Minute Gifts
East did a pre-pack administration in 2015 (Source: East / Facebook)

Some 314 jobs were at risk today after high street fashion retailer East slipped into administration for the second time since 2015.

The retailer, known for its bohemian fashion, operates 34 stores and 15 concessions across the UK, said FRP Advisory, the company's administrator.

The move comes three years after it closed 19 stores and entered pre-pack administration three years ago.

Today Geoff Rowley, one of the retailer's joint administrators, said:

Unfortunately East is the latest high street casualty following a tough trading period at the end of last year. The retailer was making progress to expand its footprint, particularly looking at international opportunities, however it has been unable to secure the necessary funding to realise those plans.

We’re now working closely with all stakeholders to evaluate the options to sell all or parts of the business.

Read more: High street retailers battle sharp drop in shopper numbers over Christmas

Spike in retail administrations

Earlier this month Deloitte warned the number of retailers falling into administration had risen 28 per cent to 118 last year, the first increase in five years.

Retailers including Jaeger, 99p Stores and Brantano collapsed into administration as cost pressures from the national living wage, business rates and the devaluation of sterling piled up, the research suggested.

Read more: Retailers experienced the lowest sales growth since 2013 last year

Related articles