Pilot calls in the administrators

Young women's fashion chain Pilot Clothing has gone into administration. According to reports, the retailer suffered a drop in sales over the Christmas period, which thwarted efforts to refinance the business. Pilot runs 70 stores, including a flagship store on London's Oxford Street.

Chartered accountant Leonard Curtis has been appointed as the administrator, and the retailer is understood to have already sealed a deal to sell half its high street stores, securing 400 jobs.