Internacionale: Wheatsheaf Centre store saved from closure

Internacionale, the fashion retail store in The Wheatsheaf Centre, Rochdale, has been saved from closing down by the sale of Internacionale Retail Limited as a going concern by administrators Thomas Andrew Jack and Samuel James Woodward of Ernst & Young LLP.

Internacionale is a high street, female fashion retailer with 132 stores across England, Wales, Scotland, Northern Ireland and Isle of Man.

The sale of the business to Internacionale UK Limited preserves all the jobs and a large number of the stores, helping to safeguard the future of Internacionale on the UK high street.

Internacionale UK Limited is a new company backed by the existing shareholders of Internacionale Retail Limited.

The new owner will honour customer gift vouchers, orders where part payment deposits have been made for goods, and valid returns.

Tom Jack, Joint Administrator, said: “The business has been significantly loss making over recent years and although the directors have sought to restructure and reposition Internacionale, with significant cash investment from shareholders, it has not proved possible largely because of the high fixed costs of the business. This has resulted in the retailer being unable to continue to operate outside of administration."

“However, we are pleased to announce that a sale has been completed that sees the majority of the Internacionale business, including 114 of its stores, its head office and its finance operation, being sold to Internacionale UK Limited. The business will continue to trade without interruption, all of the 1,550 jobs have been transferred to the new owner and the future of Internacionale on the UK and Ireland high street has been safeguarded."