Cath Kidston poised to appoint administrators
Homewares and clothing chain Cath Kidston is poised to appoint administrators.
The 60 store chain has applied to appoint Alvarez & Marsal as administrators, giving it 10 days protection from creditors.
The loss-making company says the move is part of a process to explore all options. The company, owned by Baring Private Equity Asia, is in the middle of a turnaround plan under chief executive Melinda Paraie, which has seen it invest in online sales, close underperforming branches and reduce head office numbers by 40%.
‘The notice of intention forms part of the process by which Cath Kidston is continuing to work with Alvarez & Marsal to explore all options for the company in the current climate,’ says a statement.
Some 820 of its 941 employees have been put on the Coronavirus Job Retention Scheme.
Baring Private Equity Asia, which bought the brand in 2016, is understood to have received approaches from bidders.