Coast is lat­est fash­ion vic­tim as an­other high-street name falls

Western Mail - - BUSINESS WALES -

CLOTH­ING chain Coast has col­lapsed into ad­min­is­tra­tion, be­com­ing the lat­est re­tailer to be hit by Bri­tain’s high-street woes and putting 300 jobs at risk.

The firm’s staff were be­ing in­formed on Thurs­day even­ing that PwC has been drafted in to carry out the process, with all 24 stand­alone sites to close.

The Press As­so­ci­a­tion un­der­stands that ri­val Karen Millen has bought the group’s brand and web­site, tak­ing on 600 staff, but 300 jobs are now at risk.

Coast has been hit hard by the col­lapse of House of Fraser, which went into ad­min­is­tra­tion ear­lier this year ow­ing mil­lions to re­tail­ers, with con­ces­sions within the depart­ment store.

Coast is owned by Aurora Fash­ions, which also owns re­tail­ers Oasis and Ware­house.

Aurora it­self is owned by Ice­landic bank Kaupthing, which in turn owns Karen Millen.

The news comes at a dif­fi­cult time for the sec­tor, with the likes of Maplin, Toys R Us and House of Fraser all col­laps­ing this year.

New Look, Home­base and ca­sual din­ing chains have also had to slim down their store port­fo­lios, with Patis­serie Va­lerie the lat­est to hit the buf­fers.

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