The UK retail arm of womenswear brand Arrogant Cat has been rescued from administration by its management - but two of its three stores will still close.
The company, which went into administration in February because of falling sales, has been sold to members of its existing management team for an undisclosed sum.
As part of the sale two of the brand’s three London stores in Richmond and on Great Portland Street, which were affected by the administration, will close indefinitely and eight members of staff have been made redundant.
However, the Duke Street store, which has continued trading throughout the administration process, will remain open, safeguarding four jobs.
Jason Baker, partner at FRP Advisory LLP, the restructuring, recover and insolvency firm appointed to oversee the administration said: “We received two offers for the business, with the offer from the management team representing the best possible option for all stakeholders in terms of maximising value and the company’s future trading potential.”
He declined to say who the other offer was from.
Celebrity clients of the Arrogant Cat brand include celebrities Katie Price, Misha Barton, Alexa Chung and Pussy Cat Doll band member Kimberley Wyatt.
Arrogant Cat also wholesales at independents including premium womenswear specialist Boudoir Boutique in Liverpool and is available on etailer Asos. The wholesale arm is not affected by the administration. Arrogant Cat’s Hong Kong store and franchises in Denmark, Kuwait and Dubai are also unaffected.