Oasis frontman’s business expected to call in administrators this week
The fashion label launched by former Oasis singer Liam Gallagher is expected to call in the administrators this week.
According to reports the Manchester based firm Pretty Green is in serious trouble.
The fashion retailer called in advisers last month and is now preparing to go into administration.
Pretty Green has filed a notice of intention to appoint Moorfields Advisory to handle an insolvency process.
The notice, which expires this week, had been drawn up in order to create a window for Pretty Green to secure new investment.
If a buyer is found for the label, which trades from a dozen standalone stores across the UK, a deal would be implemented after administrators have been appointed.
The business was badly hit by the collapse of House of Fraser but has also been affected by the downturn in spending.
There has been interest from potential bidders since Moorfields were called in to look at the business.
Moorfield oversaw Toys R Us UK’s insolvency last year.
Liam Gallagher made a short statement on Twitter. He simply said “As long as we have got our health”.
In a statement released earlier this month, a spokesperson for Moorfields said: “Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing in-store to online.
“The growing overall demand for the brand, coupled with a strong online customer base, position the company well to navigate these changes and we are therefore considering all options.”