Fashion Retailer Dress Me Online Entered into Liquidation
A fashion retail brand known as Dress Me Online has been entered into liquidation after struggling to cope with an array of financial pressures in recent months.
Experts from the corporate insolvency company Begbies Traynor have been appointed as liquidators of the business which has been trading as Forever Unique.
The Manchester based company employed 21 people and has been a popular supplier of luxury women’s fashion items.
Seema Makhotra, one of the original founders of the company, is well known to viewers of the TV show Real Housewives of Cheshire, which has run for more than 10 series on ITV.
Dress Me Online was operating as normal while liquidators assessed the potential options and routes forward for the business, with several different avenues having been pursued.
Amie Johnson, an insolvency director at Begbies Traynor, explained that “every option was explored but there was no choice but to enter the company into liquidation”.
“A combination of the economic climate, inflation and issues in recovering from the pandemic have resulted in these circumstances,” she added. “Creditors have been informed and we will keep them up to date with progress.”
According to its most recently reported full year accounts, Dress Me Online generated revenues worth £2.3 million during the 12 months prior to December 2020.
Retailers have been among the businesses most acutely impacted by rising inflation in recent quarters, partly because of the effects on consumer confidence.
As prices across the economy have continued to rise steeply since early 2022, consumers have tended to rein in their spending, which has generally been bad news for retailers and for operators across the hospitality sector.
Company directors who are seeing their businesses struggle to stay afloat are advised to seek advice on their liquidation or insolvency options sooner rather than later.
Cashflow crises can often be ridden out but it can nonetheless be very important for directors to understand what options are available to them if they do need to voluntarily enter their companies into liquidation at some stage.