Concerns are mounting that a number of Coast, Oasis and Warehouse stores could close once the retailers are sold to new owners.
Turnaround firms including Alteri are said to be interested in buying the three womenswear retailers after holding company Aurora Fashion Group, which is majority owned by the administrators of now-defunct Icelandic bank Kaupthing, put them up for sale in November.
Sources told The Telegraph either firm would look to quickly shut loss-making stores amid a tough retail environment. It is understood some bidders are exploring how to break up or separate the three businesses.
Kaupthing was nationalised during Iceland’s financial crisis, between 2008 and 2011. It acquired the brands in 2009 from Mosaic Fashions, which entered administration after shareholder Baugur collapsed.
Private equity firm Endless, which was linked to the sale, told Drapers it was “not progressing any interest to acquire” the three retailers.
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Readers' comments (1)
Anonymous2 May 2017 2:44 pm
When you say 'Concerns', do you mean there is a possibility that these brands are going to go bust?
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Editor's comments
As I understand it the concerns are only around the closure of a number of stores and what that would mean for the staff. I have amended the story to make that clearer. Many thanks, Kirsty