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Retailer finds rescuer, may miss administration
29
Apr '11
Goode Partners, the US private equity firm is near to closing a rescue deal sanctioning £102 million or $168 million for ailing fashion retailer, All Saints, to save it from slipping into administration.

However, for the deal to finalize, sanction of the troubled firm's Icelandic shareholders has been sought.

The private equity consortium, has submitted a joint proposal with Lion Capital, a private equity house based in UK, a consumer industry expert, holding investment in fashion chains like La Senza and American Apparel.

All Saints together with its founder and biggest shareholder, Kevin Stanford, is in support of this deal. The business needs finance for recapitalization, repaying debts and to fund its expansion in the US.

The retailer is in debt amounting to £53m, which includes a £28.5m working capital arrangement with Lloyds Banking Group.

Fibre2fashion News Desk - India

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