Just after hours when WH Smith revealed its sliding sales and profits at the division. With all 24 standalone sites to close. The staff at Coast was informed this evening that the PwC accountants have been drafted into carrying out the process. This staff specializes in Women’s clothing.
It is thought that the rival Karen Millen have bought the group’s brand and website. Putting 300 jobs at risk while taking on 600 staff members.
Beth Butterwick, CEO of Karen Millen, said: ‘We are excited to be welcoming over 600 Coast employees to the Karen Millen family. With its beautiful fabrics, stunning colours and signature designs, Coast is a much-loved fashion brand that has dressed women for all occasions since 1996. Our expertise and infrastructure puts us in a unique position to create a lean and profitable business, ensuring it remains a thriving destination in department stores and online.’
With likes of ToysRUs, House of Fraser and Maplin collapsing this year, it surely is hard time for the retail sector and high street to hear the closer of Coast as-well.
Coast are owned by the Aurora Fashion, which also happens to be the owners of retailers Oasis and Warehouse. It has been hit hard by the collapse of House of Fraser. Which went into administration earlier this year owing millions to retailers with concessions within the department store.
Frances Bishop, owner of children-wear chain The Pud Store. Who has appeared on BBC’s apprentice said high street retailers had to change. And the government must take action on business rates.
The retailer and high street champion said: ‘It’s a case of another one bites the dust.
‘It’s really not surprising I’m afraid given the challenges we are facing, it’s really quite sad. In the industry, we have really got to start adapting to what people want, and really wake up to the reality of retail in the modern age and how it has changed. Big stores have got to engage in retail theater and try to understand the customer experience is essential if you are to succeed.’
Wishing the best to all the fashion retailer and High Street, let us see how the time unfolds for others. For now it is Coast who is getting effected and leaving a space in the Fashion World.