(Reuters) – UK-based jeweller Links of London’s fall into administration has led to loss of 38 jobs at its head office in London, administrator Deloitte said on Friday, adding that there have been no job losses in any stores.
The luxury jewellery retailer, owned by Greek Folli Follie <HDFr.AT>, has around 28 standalone stores across the UK and Ireland along with seven kiosks and employed 350 people when it appointed administrators earlier this month.
“Whilst we continue to talk to interested parties about a sale of the business, the ongoing cash-flow pressures mean the current cost base is not sustainable,” joint administrator Matt Smith said.
Smith had earlier said that the directors had been seeking alternative solutions, including a company voluntary arrangement (CVA), refinancing or sale, but were unable to ink such a deal.
Links of London was founded in 1990, offering unisex jewellery and lifestyle accessories, with luxury products designed after London’s art, music, and film scenes at the time.
It appointed administrators earlier this month and said on its website it was unable to process any online sales, but directed people to its stores.
The jeweller’s Greek owners have also faced their share of troubles. Folli Follie in August mandated Deloitte and Savigny Partners to look into the possible sale of Links of London, which it bought in 2006.
(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Aditya Soni)