Links of London hoping for rescue offer as it rushes to find a buyer
The future of Links of London is reportedly hanging in the balance this week as the British jewellery chain rushes to find a buyer.
The embattled group’s owner is on the hunt for a rescue offer by next week, according to Sky News, with sources telling the broadcaster that it was “almost inevitable” any sale would happen through a pre-pack administration or that a post-transaction restructuring would be required.
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Big Four accountancy giant Deloitte is managing the sale process for Folli Follie, the Greek owner of the retail chain known for its silver bracelets.
In recent months Links has been tipped as one of a string of retailers mulling a company voluntary arrangement (CVA), a controversial insolvency process used to slash rents and close unprofitable stores.
The upmarket brand has pulled out of the US market, shutting its 15 stores across the pond as part of a turnaround effort to stave off insolvency.
Its crunch efforts to find a buyer come after a tough 12 months for the wider retail sector, which has witnessed a number of CVAs as firms struggled with rising costs and more competition.
Deloitte declined to comment, while Links of London did not respond to a request for comment at the time of publication.