Employees Escorted Out Unpaid as Business Shuts Down
- Orla Kiely ceases trading
- Parent company Kiely Rowan enters administration
- Retail stores closed in London and Kildare
- Online business shut down
- Home and design licensing business continues
- Accessories and homewares to be sold through distribution partners
- Staff escorted out of workplaces without pay for last three weeks
Eponymous handbag and homeware retailer Orla Kiely has ceased trading as of Monday 17 September 2018. The parent company, Kiely Rowan, has entered administration, leading to the closure of its retail stores in London and Kildare and its online business. However, its home and design licensing business will continue uninterrupted, with accessories and homewares still being sold through distribution partners. Staff were reportedly escorted out of their workplaces without payment for the last three weeks and an apology was issued on the group’s website.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Orla Kiely ceasing trading, entering administration, and the closure of its retail stores and online business. However, it lacks details on the reasons behind the decision and the impact on employees beyond mentioning they were not paid for their last three weeks of work.
Noise Level: 3
Noise Justification: The article provides relevant information about a company’s closure and its impact on employees but lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: The closure of Orla Kiely’s retail stores and its parent company Kiely Rowan entering administration will impact the employees, suppliers, and potentially the home and design licensing business.
Financial Rating Justification: This article pertains to financial topics as it discusses a company ceasing trading and entering administration, which can have financial implications for the company, employees, and partners. It also mentions potential impacts on financial markets through the closure of retail stores and the parent company’s financial situation.
Presence Of Extreme Event: Yes
Nature Of Extreme Event: Financial Crisis
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: Although it resulted in job losses and financial difficulties for the company, the impact is relatively minor compared to other extreme events such as natural disasters or armed conflicts.
www.retailsector.co.uk