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East to cease trading in May

Fashion retailer East may cease trading next month due to administrators not being able to find a buyer for the business. This means around 300 staff… View Article

FASHION

East to cease trading in May

Fashion retailer East may cease trading next month due to administrators not being able to find a buyer for the business.

This means around 300 staff will be made redundant if the company shuts down on 4 May.

East appointed FRP Advisory as administrators in January following tough trading at the end of last year although the company also went into administration in 2015 when East Lifestyle bought parts of the business through a pre-pack deal worth £3.4 million.

This time around the administrators said they received a number of approaches but that a sale of all or parts of the business has not been able to be agreed although they are still pursuing a potential sale.

A spokesperson for FRP Advisory told City AM: “Discussions are still ongoing and we continue to explore avenues for a sale to secure the best possible outcomes for all parties.”

The retailer currently operates 34 stores and 15 concessions across the UK.

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