Jeweller Azendi falls into administration
Jewellery firm Azendi has fallen into administration.
The 19 store retailer has appointed Deloitte as administrator.
Azendi, which specialises in silver jewellery, employs 100 people.
Deloitte intends to trade all stores whilst the seek to find a buyer for all or parts of the Leeds-based business.
Deloitte joint administrator and restructuring services partner Adrian Berry said: “Azendi has faced a downturn in trading as a result of the current difficult economic trading conditions.
“We are hopeful that suppliers will remain supportive whilst we continue to trade the business providing us with the best possible platform from which to preserve jobs, and value for all creditors through the process.”
Law firm Irwin Mitchell is advising the administrator.
Restructuring partner at the law firm, Andrew Walker said: “Azendi has built up a strong brand since it was established but like many retailers, it has struggled as consumers have cut back their spending on some non-necessity, luxury items.”