Pre-pack administration sale for Asian fashion retailer
A pre-pack administration sale agreed for Leeds-headquartered Asian clothing retailer Khaadi Fashion, has seen the core of the business rescued.
Founded in 2013, the chain had operated from 10 stores nationwide, including stores in some of the UK’s best known shopping centres such as Trinity Leeds, Westfield Stratford, Westfield Shepherds Bush, Brent Cross, Bull Ring Birmingham and Trafford Centre Manchester.
Six outlets will continue trading with jobs saved at those sites after the sale was agreed by administrators, Keith Marshall and Gareth Harris of RSM with Weaves UK Trading. Khaadi employed just under 100 staff just prior to administration, and the sale has secured the majority of those jobs.
A team from law firm Weightmans advised on the administration sale. A spokesman for the firm confirmed Khaadi’s management team, which started the business, will remain in place.
Weightmans acted on behalf of RSM with its specialist insolvency, retail, employment and property lawyers joining forces to advise on the deal.
James Moore, the Weightmans partner who led the transaction, said: “Sadly failures on the high street remain common as the retail sector faces massive structural changes but we are glad that Khaadi has survived.
“This was a complex transaction that demanded expertise from across our specialist practice areas, safeguarding the majority of roles at Khaadi and leaving a more streamlined and sustainable business.”
The Weightmans team also included Natasha Atkinson, Thomas Murphy and Ola Smuklerz (R&I) Matt Williamson (Retail), Ben Daniel (Employment), Gemma Fairbrother (Commercial/Data Protection); and Matthew Jones (Property).
