Stationery guru kikki.K has gone into voluntary administration.
CEO Paul Lacy had attempted to salvage the business, but was unable to find a global buyer. “We ran out of time and had no choice but to place the company into external administration,” he stated.
“It is with profound regret and sadness that we take this action,” kikki.K founder Kristina Karlsson said. “This business began with a young girl’s dream 20 years ago and became an international success story with customers in over 150 countries.”
Voluntary administration means that administrators will now assess whether to sell kikki.K, sell its inventories or close shop.
It’ll be interesting to see how sellable the business is, though, given that a lot of its goods are dependant on supply from China, and China’s production is obviously delayed amidst the spread of coronavirus.
Not only is the business’ future now unclear, but so are the jobs of kikki.K’s 450 full-timers. ‘Tis a sad day indeed.
