Jobs lost at Coast but 50 saved here as UK retailer steps in
Five standalone Coast stores have closed down but 10 concessions will remain open following a deal which will see Karen Millen buy part of the Irish business.
The High Court yesterday gave the provisional liquidator of the Irish subsidiary of fashion chain Coast permission to sell part of the business to UK fashion house Karen Millen.
Under the sale agreement, Coast Stores Ireland Ltd, which is part of the UK-based Coast group of fashion outlets, 50 of the 99 full and part-time jobs in the Irish subsidiary will be saved. Coast Ireland had operated five stand-alone stores and a 10 concessions at department stores here.
The agreement will see Karen Millen Fashions Ltd, which has bought the entire Coast Group in the UK, retain all the concession outlets in Ireland and purchase all of the Irish subsidiaries' stock.
Karen Millen did not wish to acquire any interest in the five stand-alone stores. The sale agreement was approved by Ms Justice Caroline Costello.
Liquidator and PwC Partner Declan McDonald commented that it's unfortunate that the Coast group's difficulties has affected the Irish business but the sale to Karen Millen has secured a future for the business in Ireland through its concession and online channels retaining approximately half the company's workforce.
The company cited difficulties experienced by its parent, including the collapse of the department store group House of Fraser.