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You can find the current article at its original source at http://www.theguardian.com/business/2016/apr/26/upmarket-tailor-austin-reed-to-go-into-administration
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| Upmarket tailor Austin Reed to go into administration | Upmarket tailor Austin Reed to go into administration |
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| Clothing retailer Austin Reed is expected to call in administrators on Tuesday morning, putting almost 1,000 jobs at risk. | Clothing retailer Austin Reed is expected to call in administrators on Tuesday morning, putting almost 1,000 jobs at risk. |
| The 116-year-old tailoring brand, which once counted Winston Churchill and Elizabeth Taylor among its customers, is expected to appoint Alix Partners as administrators. | The 116-year-old tailoring brand, which once counted Winston Churchill and Elizabeth Taylor among its customers, is expected to appoint Alix Partners as administrators. |
| It becomes the second high-street retailer in two days to appoint administrators, after BHS suffered the same fate on Monday putting almost 11,000 jobs at risk. | It becomes the second high-street retailer in two days to appoint administrators, after BHS suffered the same fate on Monday putting almost 11,000 jobs at risk. |
| Austin Reed has struggled in recent years and closed 31 unprofitable stores in 2015 using a company voluntary agreement. It still has 155 shops. | |
| It moved out of its London flagship store at 113 Regent Street in 2011, exchanging it for smaller premises across the road at number 100. However, it is now trying to sell that store as well. | It moved out of its London flagship store at 113 Regent Street in 2011, exchanging it for smaller premises across the road at number 100. However, it is now trying to sell that store as well. |
| American hedge fund Alteri Investors, which is backed by Apollo Global Management, recently took control of the retailer, whose customers include the head of the International Monetary Fund, Christine Lagarde. | American hedge fund Alteri Investors, which is backed by Apollo Global Management, recently took control of the retailer, whose customers include the head of the International Monetary Fund, Christine Lagarde. |
| Alteri bought Austin Reed’s debt and equity from Darius Capital, a group controlled by property tycoon Guy Naggar, who was previously involved in the now collapsed investment company Dawnay Day. | Alteri bought Austin Reed’s debt and equity from Darius Capital, a group controlled by property tycoon Guy Naggar, who was previously involved in the now collapsed investment company Dawnay Day. |
| Alteri’s chief executive, Gavin George, said last week: “We decided to acquire the equity and shareholder loans to protect our position as secondary lenders to Austin Reed, behind Wells Fargo who remain senior lender.” | Alteri’s chief executive, Gavin George, said last week: “We decided to acquire the equity and shareholder loans to protect our position as secondary lenders to Austin Reed, behind Wells Fargo who remain senior lender.” |