STAFF from a fashion store in Wilmslow face redundancy after it shut its doors last week.
The East chain store, which had a branch on Water Lane, went into administration last Monday
The closure sparked bad news for staff in Wilmslow and 18 other stores around the country with 155 jobs likely to be lost.
Customers who went to the Wilmslow store, were confronted with a notice in the front window which gave information for those needing to cash gift vouchers or make returns.
East reported losses of £712,300 for the year to the end of March, after UK sales dropped from £44.3m to £38.8m.
Soon after going into administration, East and its remaining 82 stores and concessions, was bought by East Lifestyle Ltd. Fabindia, which has been a majority shareholder of East since 2012, is understood to also own East Lifestyle Ltd.
An East spokesman said: “Geoffrey Bouchier and Philip Duffy, managing directors at Duff & Phelps, joint administrators of East Ltd, have announced the successful sale of the business and its assets.
“East, one of the UK’s most well-known contemporary women’s fashion brands, will continue under the management of the current team.
“The sale follows a vigorous bidding process that included a number of private equity firms and secures a sustainable future for the brand.”
Duff & Phelps managing director Geoffrey Bouchier said: “East Ltd had suffered losses in the past few years due to the continuing difficult economic climate and also the shift in consumer spending to different channels away from the traditional high street stores.
“The restructuring process has resulted in the continuation of viable stores and the safeguarding of the majority of the employees and ensures that the business is financially secure for future trading.”
The notice on the shop advised customers to email them at customercare@east.co.uk or telephone 0208 877 6543 or write to EAST Lifestyle Ltd., 55 Kimber Road, London SW18 4NX.
Read more: http://www.exeterexpressandecho.co.uk/Jobs-lost-Exeter-branch-East-19-close/story-26798579-detail/story.html#ixzz3eXQ8uaZ2
Follow us: @expressandecho on Twitter | expressecho on Facebook
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here