New owner Frasers Group decides it is unwilling to fund turnaround
The luxury clothing retailer Matchesfashion is to enter administration after its new owner, Mike Ashley’s Frasers Group, said it was not willing to fund a turnaround.
Matches was acquired by Frasers just three months ago for £52m in cash from private equity firm Apax Partners but the business has “consistently missed its business plan targets” and made losses, Frasers said.
Continue reading...Mike Ashley’s increased holding comes after online retailer reported slowing sales and full-year loss
The billionaire retailer Mike Ashley has built up a stake of more than 5% in the online fashion retailer Asos.
His fashion and sportswear retailer Frasers Group informed Asos on Friday that it had become one of the company’s most signifiant shareholders.
Continue reading...Fashion retailer’s suppliers in Pakistan have sacked hundreds without pay, as invoices for completed orders remain unpaid
Hundreds of garment workers in Pakistan making clothing for collapsed fast fashion brand Missguided say they have been left destitute and starving after not receiving salaries for more than four months.
The workers, who typically earn between £100 and £160 a month, say that despite not being paid they have continued working even as the Manchester-based retailer went into administration, with suppliers claiming the company owes them millions of pounds for clothing already completed and shipped.
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