Fashion retailer Cath Kidston is permanently shutting all 60 of its stores in the UK leading to hundreds of job losses.
Its Hong Kong-based owner Baring Private Equity Asia has struck a rescue deal which means the retailer will continue to trade online and via its wholesale and franchise businesses around the world which includes more than 100 stores.
Melinda Paraie, the chief executive of Cath Kidston said, “While we are pleased that the future of Cath Kidston has been secured, this is obviously an extremely difficult day as we say goodbye to many colleagues.
Despite our very best efforts, against the backdrop of COVID-19, we were unable to secure a solvent sale of the business which would have allowed us to avoid administration and carry on trading in our current form.”
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