Fashion store closes at Cheshire designer shopping village and will now only sell online



A fashion store at Cheshire Oaks has closed – and will now only sell online.

Earlier this month Cath Kidston appointed Alvarez & Marsal (A&M) as its administrators but it has now confirmed that its parent company Baring Private Equity Asia, will buy the brand and retain the its e-commerce platform and franchise and wholesale businesses.

And that means it will close all 60 of its UK stores to trade exclusively online.

Only 32 out of the retailer’s 940 UK employees will retain their jobs to continue running the business online, according to national reports.

Melinda Paraie, CEO of Cath Kidston, said: “While we are pleased that the future of Cath Kidston has been secured, this is obviously an extremely difficult day as we say goodbye to many colleagues.

Read More

Top stories on StokeonTrentLive

“Despite our very best efforts, against the backdrop of COVID-19, we were unable to secure a solvent sale of the business which would have allowed us to avoid administration and carry on trading in our current form.”

The Cath Kidston outlet store opened at Cheshire Oaks in April 2017.

A spokesperson for Baring Private Equity Asia (BPEA), said: “While we are disappointed that the COVID-19 crisis has resulted in the cessation of the retail store network and impacted many employees, we are pleased to have secured a future for a number of Cath Kidston staff and the Cath Kidston brand in the form of a viable digital business.”

The brand was set up by Cath Kidston in 1993 and has more than 200 outlets around the world.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *