Tue, 08 Nov 2016 | ADMINISTRATION
The UK division of American Apparel has appointed KPMG as administrators, with the likely result of the closure of most of its stores.
The troubled US retailer was bought out from Chapter 11 bankruptcy earlier this year by its creditors and bondholders, though this sale did not include the UK and European operations. The company had run into problems in 2015 as it struggled to settle loan payments and pay off legal bills relating to the ousting of its former CEO Dov Charney.
The thirteen UK stores are likely to continue trading through Christmas, but will shut early in 2017. Some of the branches occupy prime high street positions and KPMG has indicated that these are going to be targeted for sale on an individual outlet basis.
Word is that the US company, which is in the midst of a sale to unknown buyers, had decided to stop supplying new inventory to the UK. This was probably brought on by trading and payment difficulties experienced by the British division.
However the UK stores are well-stocked and trading should carry on as normal in the lead-up to Christmas.
The trading environment for many UK high street retailers remains challenging, with the announcement from American Apparel falling hard on the heels of similar announcements. Both Sky and Marks and Spencer are each shutting around 60 stores across the country in the coming months.
See more UK retailers for sale
Offering for sale the business and assets of Project Pinnacle as a going concern, an independent chain of builders and timber merchants selling to trade professionals and the general public.
The company provides a comprehensive range of multimedia solutions for the wire, cable, tube, pipe and fasteners industries comprising print magazines, digital magazines, websites, digital platforms and social media benefitting from digital advertisi...
An established Irish based engineering business, providing supply, fabrication and erection structural steel solutions to customers across the island of Ireland and Great Britain.
28
|
Mar
|
NI pharmacy group acquires third site | BUSINESS SALE
A family-run community pharmacy group has expanded with the ...
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.