Joanna Sykes takes a bow after the Nicole Farhi show, London | Source: Now Fashion

LONDON, United Kingdom — A business restructuring firm says British designer fashion chain Nicole Farhi has filed for a form of bankruptcy.

Restructuring experts Zolfo Cooper says it is in talks to sell the brand, one of Britain’s best-known luxury clothing chains and a regular at London Fashion Week.

Nicole Farhi was founded in 1982 by the designer and her then-partner, Stephen Marks.

It has a flagship store in central London’s swanky Mayfair area as well as five other shops and concessions in British department stores.

Peter Saville, a partner at Zolfo Cooper, said Wednesday that Nicole Farhi has gone into administration, a form of bankruptcy in the U.K. He added the fashion house was facing increased financial pressures as a result of a decline in consumer spending and rising costs.