Jobs lost after pre-pack at retailer East
A NUMBER of jobs have been lost after a pre-pack administration deal at women’s fashion retailer East.
Three North West shops at the Cheshire Oaks Designer Outlet, Kendal and Wilmslow have been closed along with 16 others, costing 155 jobs.
The sale of the loss-making business has safeguarded the future of 82 stores and the jobs of 550 people employed by the London-based company.
The adminstration and sale was handled by Geoffrey Bouchier and Philip Duffy, managing directors of Duff & Phelps.
The new corporate owner of the business is East Lifestyle Ltd.
A statement from Duff & Phelps said: “East, one of the UK’s most well-known contemporary women’s fashion brands, will continue under the management of the current team… The sale has resulted in the continuation of trade from 42 stores and head office and 39 concessions.”
Bouchier, added: “East Limited had suffered losses in the past few years due to the continuing difficult economic climate and also the shift in consumer spending to different channels away from the traditional high street stores.
“The restructuring process has resulted in the continuation of viable stores and the safeguarding of the majority of the employees and ensures that the business is financially secure for future trading.”
