Cath Kidston prepares to go into administration

162
0

British home furnishing store Cath Kidston is reportedly preparing to go into administration at the end of this week, in the latest blow to the high street.

The retailer, which is known for its floral and patterned designs, has appointed advisory firm Alvarez & Marsal as administrators, according to the BBC. The move will put 941 jobs at at risk.

The retailer has currently closed its stores and put 820 staff on furlough, meaning the government are paying 80 per cent of wages, although it is still trading online.

Designer Cath Kidston opened her first store in London in 1993 – and had grown the chain to more than 200 branches worldwide by 2015. The retailer was bought up in 2016 by Baring Private Equity Asia.

The news comes as Debenhams also prepares to go into administration, casting doubt on 22,000 jobs.

The department store retailer, which has 142 outlets all of which are currently closed, has confirmed it has filed a notice of intent to appoint an administrator.

It is the second time in a year that Debenhams has called in administrators.

Debenhams said: “This move will protect Debenhams from the threat of legal action that could have the effect of pushing the business into liquidation while its 142 UK stores remain closed in line with the Government’s current advice regarding the Covid-19 pandemic.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here