Another high street retailer in trouble after coronavirus shut-down
PUBLISHED: 14:32 05 April 2020 | UPDATED: 15:37 05 April 2020
Vintage-inspired clothing and homeware store Cath Kidston, which has a shop in Norwich, is the latest to suffer over coronavirus.
The store, which has an outlet in Castle Street, and 59 stores across the UK employing a total of 941 people, closed all its shops because of coronavirus. It furloughed 820 staff.
The company, which has 180 more shops abroad, and opened in Norwich in 2012, is now preparing to call in administrators.
Advisory firm Alvarez & Marsal (A&M) was appointed to help Cath Kidston seek a buyer as the British brand, which opened its first store in 1993, struggled to make a profit for its Hong Kong-based owner Baring Private Equity Asia.
Cath Kidston Group recorded a pretax loss of £42.3m in the year to the end of March 2018 when sales rose just 1.2% and it closed small retail businesses in France and Spain.
A Cath Kidston spokesperson said: “The notice of intention forms part of the process by which Cath Kidston is continuing to work with A&M to explore all options for the company in the current climate.”
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