Julian McDonaldFounded in 1997, ‘s fashion label is the next fashion casualty to be forced into liquidation in a volatile economic era.
Liquidator FTS Recovery confirmed yesterday that it will sell Julian McDonald shares and other assets to seek repayment to creditors. Alan Coleman and Marco Piaquadio have been appointed joint liquidators of the fashion brand, according to WWD.
Just this February, knitwear specialist Julian Macdonald, known for his bold and sexy designs, returned to London Fashion Week after a three-year hiatus. His comeback was a real hit with sequined numbers and cut-out minidresses on the runway. Despite the show’s success, the company continued to fall short of its creditors.
In a statement, FTS blamed the coronavirus pandemic for McDonald’s bankruptcy, blaming it for “impacting every aspect of the retail industry.” He added that “employees and existing contracts will not be saved.”
The company said McDonald’s losses from the pandemic were exacerbated by the bankruptcy of Devenhams at the end of 2020, which caused the label to lose a “significant portion of its revenue.”
“Cash flow problems were exacerbated by general inflation costs, affecting all aspects of the business,” said Coleman, director of FTS Recovery.
Britain is one of many countries struggling to keep inflation under control and has witnessed a painful series of rate hikes over the past year.
