UK fashion brand crashes into administration after 8 years
A well-known UK fashion brand has entered administration, resulting in job losses. The upmarket swimwear label is sold through retailers including Selfridges and Harvey Nichols, with single-piece swimsuits retailing at over £100.
TL;DR
- UK fashion brand Away That Day has entered administration.
- Six employees were made redundant as part of a pre-packaged sale of assets.
- The company experienced declining international sales and increased dependence on the UK market.
- High working capital demands and reliance on external funding led to financial difficulties.
- Attempts to secure additional funding and a shareholder fundraising round were unsuccessful.