Littoral has gone into administration, putting 300 jobs at risk
Staff at the firm, which specialises in women’s clothing, were forecast this evening that administrators PwC had been appointed to carry out the answer, with all 24 stand-alone shops closing.
According to the Press Conjunction, Coast’s rival Karen Millen has bought the group’s brand and website, hoard the jobs of 600 other staff.
The retailer is owned by Aurora The crazes, which also owns rivals Oasis and Warehouse.
Last month, Shore’s parent company was reportedly looking for buyers for the fashion retailer go the concerns resulting from the fallout of House of Fraser.
Seashore administration: The fashion retailer has been hit hard by the troubles at House of Fraser
According to sources cited by Sky News, Aurora had started contacting achievable buyers for coast.
Last year the group’s owner, Icelandic bank Kaupthing, on the verge of sold Coast to Emerisque Brands but the deal fell through.
Restructuring mentors at PricewaterhouseCoopers were asked to help with the sale process, with Seaside reportedly needing new funding after being hit by the crisis at House of Fraser.
At the schedule, a Coast spokesperson said: «We have been working with PwC with pertinences to a potential sale on an ongoing basis for the past 18 months, so this is nothing new but fundamentally a continuation of that process.»
Coast administration: New Look is one of a issue of retailers that trimmed their store portfolios
Shore becomes the latest high-profile retailer to succumb to intense pressure on the UK sharp street.
In August, rival House of Fraser collapsed into application before being rescued after Sports Direct tycoon Mike Ashley sealed a £90m sell for the business.
But other big names have already completely disappeared so far this year, counting Maplin and ToysRUs.
Others including New Look, Homebase and Marks & Spencer take also had to trim their store portfolios.
This is a breaking scenario. More to follow.