South Wales-based Ferrari’s, has been put into liquidation, following advice from the company’s financial advisers.

British Baker reported in October that the retail chain had been forced to close eight of its most under-performing stores due to the effects of the current economic climate.

The BBC has said that the decision to liquidate the company was made last Tuesday (25 November), before staff were told to shut up shop and return the keys for the remaining outlets.

It is believed there were around 150 people still employed at Ferrari’s. One employee told the BBC that she and her staff have been told they will not receive the five weeks pay owed to them. She said they were told to take whatever takings they could and that would be their pay.

ICD Wales was formed as a new company by director Steve Davies, in June this year to purchase 32 of the 60-shop Ferrari’s Fresh estate, after the business went into administration.