Administration threatens Ghost fashion

Fashion and accessories brand Ghost has warned it could go into administration as the collapse of the Icelandic banking system continues to reverberate through the retail sector. An estimated 22 UK retailers, including Baugur-backed House of Fraser and Hamleys, are caught in a Gordian knot created by the Icelandic government’s decision to nationalise its three largest banks – Kaupthing, Landsbanki and Glitnir.

 

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In a fresh twist Ernst & Young, which is on standby as administrator for Landsbanki’s UK assets, is trying to sell the commercial finance arm that provides asset-based lending to retailers such as Borders.

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