The fashion chain Coast has become the latest casualty of the high-street crisis, with 300 jobs and 24 stores set to go. The brand’s high-street stores are closing, but its 145 department-store concessions will carry on trading as part of the sale to sister brand Karen Millen as part of an 11th-hour rescue deal.
Staff were told on Thursday night that Coast had entered administration due to “difficult trading conditions” – but was then partly rescued by Karen Millen. The stores and its international outlets will remain in the hands of the administrators PricewaterhouseCoopers.
“The businesses had been facing financial difficulties due to structural challenges in the retail space and specifically the concession partner market, as well as a softening of demand for occasionwear,” said Mike Denny, one of the joint administrators. “This sale puts the ongoing business on a firmer financial footing.”
“Regrettably, other parts of the business, including 24 retail stores, were not included in the transaction,” continued Denny. “We will make every effort to help those employees in parts of the business that were not included in the sale.”
As part of the pre-pack administration deal, Karen…