Hip London boutique Coco Ribbon has been forced to close down its Sloane Street store and has gone into partial administration. It will remain open for business over Christmas but will close shortly thereafter. The Notting Hill store, which co-founders Alison Chow and Sophie Oliver opened in 2002, will continue to trade, as will the shop's website. "It was a tough decision to close Sloane Street , but now we are going to re-huddle and fine tune," Chow told Vogue. Committed to simplifying the business model, the duo now plans to open concessions, reduce third-party stockists from 80 percent to 50 percent and focus on growing their own label. It will launch in time for spring/summer 2008 and will include dresses, cashmere and swimwear. Coco Ribbon is currently in talks with a designer to work on a range for the brand. Chow also said that the Notting Hill store will be refurbished to look "less girly and more contemporary and chic."