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Image source, Getty Images
Merthyr Tydfil-born Julien MacDonald is simply a globally renowned manner designer
The steadfast of 1 of Wales' astir celebrated manner designers who has dressed stars similar Beyoncé and Jennifer Lopez, has gone into liquidation.
Julien MacDonald's institution deed occupation during the pandemic and officially went into liquidation connected 26 July.
It means employees person been sacked and liquidators person had to merchantability each stock.
MacDonald, from Merthyr Tydfil, is known astir the satellite and precocious designed Wales' 2022 Commonwealth Games outfits for the opening ceremony.
"Due to the nonaccomplishment and nether show of respective cardinal contracts, including its main UK retail licensee, on with a antecedently increasing licensee based successful the United States, which severely impacted cashflow, the institution is present successful liquidation," said Alan Coleman, of liquidation institution FTS Recovery.
"The cashflow issues were compounded by wide inflationary costs, which impacted connected each aspects of the business."
The issues started to worsen aft Macdonald mislaid a important proportionality of gross pursuing the collapse of Debenhams astatine the extremity of 2020, a connection added.
Who is Julien MacDonald?
Referred to arsenic a manner king, Julien MacDonald is simply a globally renowned name.
He grew up successful Merthyr Tydfil and went connected to undertake a one-year instauration people astatine Cardiff Art College. He past aboriginal received his MA astatine the Royal College of Art successful London.
Image source, Getty Images
Image caption,Beyoncé is among the planetary names Julien MacDonald has designed outfits for
After his graduation amusement successful June 1996, his endowment caught the attraction of fashion icon Karl Lagerfeld, who appointed him caput decorator of knitwear for Chanel.
Throughout his career, helium has worked with manner brands Givenchy and redesigned the formation attendant uniforms for British Airways.
He boasts a star-studded planetary lawsuit database including Naomi Campbell, Kylie Minogue, Gwyneth Paltrow and Victoria Beckham.
What does liquidation mean?
Liquidation is simply a process successful which assets are sold disconnected for cash.
It is often the result for a institution deemed irretrievably loss-making. In that case, its assets are sold disconnected individually, and the currency proceeds are utilized to repay its lenders.
Usually the taxation authorities are the archetypal to beryllium paid, portion the company's shareholders are the last, typically receiving nothing.
English (US)