Cath Kidston is to permanently to shut its 60 UK stores with the loss of more than 900 jobs. The fashion retailer confirmed its stores will not reopen once the coronavirus lockdown is over after the company’s owners secured a deal to buy back its brand and online operations following its fall into administration. Baring Private Equity Asia (BPEA), which has held a stake in the retailer since 2014, said it will buy the online business, brand and wholesale arm from administrators Alvarez & Marsal. It said the move will result in the ‘cessation of the retail store network’. Cath Kidston is to permanently to shut its 60 UK stores with the loss of more than 900 jobs The company confirmed that only 32 of its 940 staff will see their jobs secured as part of the deal. Melinda Paraie, chief executive officer 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… Read full this story
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Cath Kidston confirms its 60 UK stores will not reopen after coronavirus crisis putting 740 jobs at risk as Primark owner furloughs 68,000 workers across Europe with chain's sales plunging from £650m a month to zero have 266 words, post on www.dailymail.co.uk at April 21, 2020. This is cached page on CuBird. If you want remove this page, please contact us.