No Name fashion chain calls creditors' meeting for wind-up
THE company behind teenage fashion chain No Name is to be wound up at a creditors' meeting in early April, the Irish Independent has learned.
The creditors' meeting for the company behind the 15-store chain was advertised yesterday, under No Name's trading company Onside Ltd.
The retail chain's owners Theresa and Donald McDonald were unavailable for comment yesterday, and the stores remained open.
The Irish Independent understands, however, that a leading liquidator has already been approached ahead of the creditors' meeting on April 8.
Founded in 1994, No Name initially traded from just one store in Henry Street. The portfolio has since grown to 15 outlets dotted across Dublin, Limerick, Louth, Waterford, Cork, Wexford and Carlow.
No Name also added the Sasha brand to its portfolio when the women's retailer went into liquidation in 2009, broadening the retailer's appeal to the 30- to 50-year-old market.
The most recent accounts for Onside put average staff numbers at 75 for the year ended January 2009, down from 88 the previous year.
Gross profits for the most recent year accounted for came in at almost €4.3m, but Onside still ended up marginally in the red after tax and interest bills.
The liquidation of Onside follows a brutal period on the High Street which has already claimed high-profile victims like bookseller Hughes & Hughes and fashion retailer The Jean Scene.