Boohoo in pole position to buy Karen Millen & Coast in pre-pack

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Boohoo Karen Millen Coast
// Boohoo to buy Karen Millen and Coast out of administration
// Boohoo issued an update to the London Stock Exchange this morning, confirming its bid
// The purchase could put a total of 1100 Karen Millen and Coast jobs at risk

Boohoo is reportedly about to acquire high street fashion retailers Karen Millen and Coast out of administration.

The online fashion retailer, which also owns PrettyLittleThing, Nasty Gal and MissPap, is looking to add Karen Millen and sister brand Coast to its stable of brands via a pre-pack administration.

Boohoo issued an update to the London Stock Exchange this morning, confirming a bid to ”acquire the online business of renowned British brands Karen Millen and Coast, together with all associated intellectual property rights,” Sky News reported.

The purchase could put a total of 1100 Karen Millen and Coast jobs at risk, as well as the businesses’ network of 30 stores and 175 concessions across the UK.

Meanwhile, Boohoo continues to have a fast-growing international presence, selling into more than 50 international markets including Australia, France, Spain and the US.

Karen Millen and Coast were put up for sale in the first week of June by current owners and Icelandic bank, Kaupthing.

In the 52 weeks to February 2018, the company posted a pre-tax loss of £9.5 million on £161.9 million of sales.

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