Trio of firms advise as Coast falls into administration
Rival company Karen Millen will take on Coast's concession stores as part of a deal with the administrators
October 12, 2018 at 07:17 AM
2 minute read
White & Case, Pinsent Masons and Shoosmiths have picked up roles on the administration of high street fashion retailer Coast and the sale of its department-store concessions to sister company and rival Karen Millen.
Coast, which is owned by Aurora Holdings, will close all 24 of its standalone stores, though Karen Millen has bought its concession stands in key department stores such as Debenhams and House of Fraser, the latter of which has also struggled through a recent administration before being bought by Sports Direct owner Mike Ashley in August.
Pinsents team, advising the administrators PwC, is headed up by restructuring partner Amy Flavell, while the White & Case team advising Coast is being led by private equity partner Emma Parr and financial restructuring and insolvency partner Ben Davies. Parr has been an adviser to Coast since 2015.
Shoosmiths, meanwhile, is advising Karen Millen with a team headed up by Birmingham-based restructuring and corporate partners James Keates and Aaron Harlow.
By taking on Coast's concession stores, Karen Millen will save 600 jobs, though 300 staff at standalone stores will lose their jobs.
Other high street retailers to have recently fallen into administration include Carpetright, on which Travers Smith, Ashurst and CMS picked up roles, discount chain store Poundworld, which is being advised by DLA Piper, and toy retailer Toys 'R' Us, which was advised by US firm Kirkland & Ellis.
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