Joy files for administration

Fashion retailer Joy has filed an intention to appoint administrators.

It will be the third time the retailer has gone into administration and comes just two years after it was bought out of insolvency in a pre-pack deal with its founders.

The chain, which has 10 stores across the country, is understood to have lined up KRE Corporate Recovery, which handled the administration in 2017.

Founded by Joy Maureen Chadha, the retailer went bust for the first time in September 2008.

According to the latest figures from the Centre of Retail Research, some 42 retail companies have failed in the year up to 30 December, affecting 2,041 stores.

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