Fashion retailer Coast collapses
Clothing chain Coast has collapsed into administration - here's what you need to know.
PWC was appointed as administrator yesterday evening, and immediately following this, rival retailer Karen Millen acquired parts of the business, namely the concessions within department stores.
The chain follows House of Fraser, Maplin and Toys R Us in going into administration this year.
Gift cards rules and return rights won't change
Karen Millen says that Coast gift cards will continue to be honoured within the parts of the business it has taken over, after the administration.
Karen Millen also says return rights will remain the same.
You can find full information on your return rights on the Coast website.
What do PWC and Karen Millen say?
Mike Denny, joint administrator and PWC director, said: "The businesses had been facing financial difficulties due to structural challenges in the retail space and specifically the concession partner market, as well as a softening of 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.
"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 Jobcentre Plus."
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."
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