It is has been widely reported that Cath Kidston will retain its online presence in its e-commerce site. The high street retailer appointed administrators Alvarez & Marsal earlier this month but has now confirmed the permanent closure of its 60 UK stores, with the loss of more than 900 jobs. 

TheIndustry.fashion has reported that Baring Private Equity Asia (BPEA), which has held a stake in the company since 2014 has agreed to buy the online business, brand and wholesale arm from Alvarez & Marsal. This sale will result in the continuation of the brand as an online e-tailer. 

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 to avoid administration and carry on trading in our current form. I would like to thank all our employees for their hard work, loyalty and patience over the last few weeks as we worked through this process.”

Read more via theindustry.fashion.