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East put up for sale

The owner of East is reported to be looking for a buyer for the womenswear chain a year after it went into administration.

Its Indian owner, Fabindia, has started “sounding out” prospective buyers for the chain, Sky News said today.

East entered administration in June last year and a company called East Lifestyle bought certain parts of the business back in a pre-pack deal worth £3.4m, shortly after it went into administration.

East Lifestyle’s sole shareholder is Fabindia, which has been a majority owner of East since 2012, while its directors are chief executive Suzi Spink, product director Penny Oliver, Fabindia board member Sunil Chainani and Fabindia managing director William Bissell.

More than 550 employees were transferred across to the new company last year, but 156 were made redundant as a result of the closure of 19 stores and five concessions.

In February this year, Drapers revealed that its former suppliers and other unsecured creditors owed money following the collapse are likely to receive 10p in the pound.

Former White Stuff chief executive Sally Bailey was appointed board adviser at East in December and left the business last month. 

Drapers has contacted East for comment.

Readers' comments (1)

  • Prediction:

    Sells for a pound.
    Asset stripper does what it says on the tin.
    Pension hole established years later.
    Government get involved to try and piece things together?

    Hmmm. Could never happen.

    Unsuitable or offensive? Report this comment

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