London-based label Georgina Goodman has gone into administration, the U.K. equivalent of Chapter 11, Begbies Traynor, the business rescue and recovery firm, has confirmed.
Begbies Traynor declined to provide any more details about the administration process.
Not long ago — in January 2010 — the footwear brand landed an outside minority investor, Core Capital LLP, and was in growth mode. Core, a private equity company, had paid $6.5 million for its stake.
The business is majority-owned and run by its founders, Goodman, and her husband, B.J. Cunningham. In addition to designing her own label, Goodman had also been a close collaborator of the late Lee Alexander McQueen and helped to create his now-famous Armadillo shoe.
Industry sources said the relationship between Core Capital and the founders had been rocky from the start, although the label had recently been gaining momentum both in the media and among buyers internationally.
One source said it was still unclear why Core decided to pull the plug on its investment now.
Georgina Goodman has two London stores, on Bond Street and in Shepherd’s Market, and 70 accounts globally. Those units will close, and staff and management were sent home late last week. The website is no longer taking orders, and a discount sale of the shoes is taking place this week at the Bond Street store.