In the latest news, the jewelry retailer Links of London has gone into administration. As a result, 350 jobs are put at risk.
Headquartered in Mayfair, Links of London has chosen Deloitte as administrators to secure rescue sale. Established in 1990, Links of London has 28 standalone stores and seven concessions in Ireland and in the UK.
Sources allege, the stores will remain open, however the company’s website has been suspended. The company sells jewelry, cufflinks, watches and gifts.
According to a statement released by Deloitte, it said, the firm had struggled during “difficult trading conditions”.
The company is owned by a Greek company- Folli Follie, which is also undergoing fraud issues with regards to overstating sales.
Deloitte added that the firm’s directors were left with “no choice” but to take the due action of placing it into administration owning to the “ongoing cash flow pressures”.
In the wake of the situation, joint administrator of the company, Matt Smith said the latest move was “difficult news for employees and their families.”
“We appreciate the support of management and we will continue to support employees through this time,” he said.