Morgan is latest retailer to go into administration

French women’s clothing company Morgan has been placed into administration.

The retailer is the latest to be hit by the economic downturn which continues to have a devastating affect on the retailing industry.

Earlier this week, Scottish-based fashion clothing retailer USC was placed into administration, while childrenswear retailer, Adams, applied for administration.

On Christmas Eve the music and games retailer, Zavvi, entered administration, followed by The Officer’s Club and Whittard of Chelsea.

Experts are warning that more retailers could go bust in the New Year.

Apax Partners, the UK private equity group, owns 40% of Morgan, while founding families Bismuth and Barouch own another 40% stake between them. The remaining stake is held by various private investors.

Morgan, which was established in 1968, has 575 stores in 57 countries and has a workforce of around 1,000.

The firm has been seeking a buyer for the last 12 months and according to French newspaper Le Figaro, it has debts of €30 million and had struggled to keep up with its payments.

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