SilkFred, a prominent UK online fashion retailer, collapsed into administration last month and has now confirmed it will not be issuing refunds ahead of the Christmas season. Financial advisory firm Quantuma, appointed to manage the administration, announced that while they will attempt to recover funds from the payment processor for undelivered orders, refunds are not guaranteed.
Quantuma clarified that where possible, they will try to issue refunds for items not yet dispatched. However, if refunds cannot be processed through these channels, customers will unfortunately be unable to recover their payments from SilkFred directly.
Those owed money by SilkFred will be classed as unsecured creditors in the administration process. Unfortunately, administrators warn that there are unlikely to be sufficient funds available to reimburse unsecured creditors in full. Any claims will be addressed according to the legal priority order, but the chances of financial recovery remain slim.
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SilkFred collaborated with over 500 partner fashion brands—including Apricot, Goddiva, Pretty Lavish, and Lily and Lionel—but despite this extensive network, the company could not withstand the current economic pressures. In a statement, SilkFred expressed heartbreak over the collapse, citing the cost-of-living crisis, rising operational expenses, and growing competition from overseas fast fashion brands as key factors in its downfall.
The company also hailed its role in empowering women through fashion and supporting independent designers to grow. Despite the disappointing outcome, SilkFred extended heartfelt thanks to its customers, partner brands, and staff for their support throughout its journey.