Upmarket retailer Karen Miller is set to buy parts of collapsed retailer Coast from administration.
More than 20 Coast stores including one at Oxford Street are set to shut their doors.
Karen Millen announced last night it has bought some parts of Coast, whose website and department store concessions will keep trading.
Mike Denny, joint administrator and PwC director, said Coast had been facing financial difficulties due to its concessions business, as well as structural challenges in the retail sector and lower demand for occasion wear.
“This sale puts the ongoing business on a firmer financial footing. Karen Millen will be working with the existing management team to continue to grow and develop the new business,” he said.
“Regrettably, other parts of the business including 24 retail stores were not included in the transaction. We will make every effort to help those employees in parts of the business that were not included in the sale and will support those affected at this difficult time by liaising with the Redundancy Payments Service and Job Centre Plus.”
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