Mon, 19 Mar 2012 | BUSINESS SALE
High street fashion brand, Firetrap, has been partially bought out by Sports Direct in a pre-pack administration.
World Design & Trade, which operated the contemporary brands Firetrap UK and FullCircle, filed for administration at the end of last week, with restructuring specialists from Ernst & Young appointed to handle the process.
The deal will see the company’s wholesale business, brands and concessions acquired by the sports giant, which in the last year has also acquired fashion retailer USC and premium chain Cruise. The deal secures 170 jobs with the company. Firetrap’s six stores, however, have all been closed, with the loss of 51 jobs.
It is thought that Sports Direct was vying for the company with rival sporting brand, JD Sports. They had previously both contended to buy out the administration-struck outdoor pursuits chain, Blacks, earlier this year, with the bulk of it eventually being secured by JD Sports.
Firetrap has joined a growing list of companies that have succumbed to the difficult town centre retail conditions created by the recession. In January, Peacocks became the largest high street failure since the collapse of Woolworths in 2008, but was largely bought out by Edinburgh Woollen Mill.
Video game vendor, Game, is also currently fighting for survival, with a deal said to be on the cards for private equity company, OpCapita, to acquire its debt.
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