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Former La Senza owner Theo Paphitis 'saddened'

23 December 2011 Last updated at 18:00 GMT

Former La Senza owner Theo Paphitis has said he is "incredibly saddened" that the lingerie chain has announced its intention to enter administration.

The UK retailer blamed "trading conditions and "the overall macro environment" for its decision.

An administrator will now be chosen within 10 days, in accordance with the UK Insolvency Act.