LINGERIE firm La Senza has called in restructurers from KPMG as it struggles to manage costs during the high street slump.
City A.M. understands the British and European business, which is owned by private equity house Lion Capital, is considering entering administration but other options, such as a company voluntary arrangement or winning new investment, remain on the table.
A break-up is possible but 3i, the private equity owner of upmarket brand Agent Provocateur, is unlikely to be interested in a deal. La Senza turns over £140m and has more than 2,600 staff. The emergence of its troubles comes just days after shoe retailer Barratts fell into administration, putting 3,840 jobs under threat.
Lion bought La Senza – excluding the Canadian business – from entrepreneur Theo Paphitis for an estimated £100m in 2006.
Last night Lion and KPMG declined to comment.