Fashion retailer Coast has entered administration and will close all 24 of its stores. However, Karen Millen has stepped in and bought some parts of the business, saving 600 jobs.
The brand informed staff yesterday that PwC had been appointed as administrators of Coast Holdings, Coast Retail and Coast Fashions. This means that there are still around 300 jobs in danger.
Coast had several concessions in House of Fraser, and is said to have felt the challenges when the department store collapsed.
Coast will continue to trade online and in concessions under the ownership of Karen Millen, but their standalone stores in Europe were not acquired in the deal.
Beth Butterwick, chief executive of Karen Millen, said: “We are excited to be welcoming over 600 Coast employees to the Karen Millen family. With its beautiful fabrics, stunning colours and signature designs, Coast is a much-loved fashion brand that has dressed women for all occasions since 1996. Our expertise and infrastructure puts us in a unique position to create a lean and profitable business, ensuring it remains a thriving destination in department stores and online.”
