Coast fashion retailer collapses putting 300 jobs at risk

Women’s fashion retailer Coast has gone into administration, putting 300 jobs at risk, in a sign of continuing pain on the High Street.

The collapse means the immediate closure of its 18 UK outlets, at locations including Oxford Street and Westfield in London.

Coast also has five stores in Ireland, two in Dubai and two in Kuwait.

It has numerous concessions in department stores, including House of Fraser, Debenhams and John Lewis.

Coast is owned by Aurora Fashions, which also owns retailers Oasis and Warehouse.

Aurora, in turn, is owned by Icelandic bank Kaupthing, which also owns the Karen Millen fashion brand.

Karen Millen is reported to have bought Coast’s brand and website, according to the Press Association, taking on 600 staff, leaving the remaining 300 facing an uncertain future.

Coast was hard hit by the collapse of House of Fraser, one of a number of High Street chains to hit trouble this year as the retail sector has come under increasing pressure.

A statement issued by the firm’s directors said “difficult trading conditions” had led to the move.

It added that Michael Denny, Ian Green and Zelf Hussein of PwC had been appointed joint administrators.

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BBC News – Business

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