Clothing chain Coast collapses into administration putting 300 jobs at risk
Clothing chain Coast has collapsed into administration, becoming the latest retailer to be hit by Britains high street woes and putting 300 jobs at risk.
The firms staff were being informed on this evening that PwC has been drafted in to carry out the process, with all 24 standalone sites to close.
It is understood that rival Karen Millen has bought the groups brand and website, taking on 600 staff – however, 300 jobs are now at risk.
Coast has been hit hard by the collapse of House of Fraser, which went into administration earlier this year owing millions to retailers with concessions within the department store.
Coast is owned by Aurora Fashions, which also owns retailers Oasis and Warehouse.
Aurora itself is owned by Icelandic bank Kaupthing, which in turn owns Karen Millen.
The news comes at a difficult time for the sector, with the likes of Maplin, ToysRUs and House of Fraser all collapsing this year.
New Look, Homebase and casual dining chains have also had to slim down their store portfolios, with Patisserie Valerie becoming the latest hit.