D Day for All Saints
Fashion chain, All Saints, is reported to be trying to complete a rescue buy-out of the business today in order to avoid bankruptcy.
All Saints is in discussion with its backer, Lloyds Banking Group, to try to find buyers for stakes in the business owned by the Icelandic banks Kaupthing and Glitnir. It has been reported that the stakes may be bought by a consortium led by US private equity firm Goode Partners. The majority shareholder is Kevin Stanford, who co-founded the chain with ex-wife Karen Millen.
Lloyds has backed the stores to the tune of £28.5 million but is reported to have KPMG on standby to start administration proceedings if All Saints defaults on its debt and chooses administration.
It is reported that All Saints has until today to complete the deal unless the deadline is extended.
All Saints has a total 63 stores and 47 concessions in the UK, Europe, US and Russia and employs approximately 2,000 staff.
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