Troubled British clothing label Aquascutum has entered into administration, the U.K. equivalent of Chapter 11 bankruptcy protection. Acquired in 2009 by Harold Tillman (who also owns Jaeger London) and Belinda Earl, the heritage brand has been losing money for years. A statement from the company says:
The challenging conditions in the U.K ... [have] unfortunately meant that the team has been unable to successfully turn the business around, which has ultimately resulted in its administration. The board hopes that under [the administrators] the business will be disposed of successfully.
The new administrators say that restructuring will begin right away. Between its stores and manufacturing sites, the label currently employs about 250 people in the U.K.