Courts / Ireland / Report
High Court approves Coast sale agreement
Summary
The High Court authorised the provisional liquidator of Coast Stores Ireland Ltd to sell part of the Irish subsidiary to Karen Millen Fashions Ltd. The sale agreement will preserve 50 of the 99 full‑time and part‑time positions in the Irish business. Coast Ireland operated five stand‑alone stores and ten concession outlets in Irish department stores. Karen Millen, which has acquired the entire UK Coast Group, will keep all Irish concession outlets and purchase all Irish stock. Declan McDonald of PWC was appointed liquidator; he argued that the sale best served creditors and the company. Karen Millen declined to acquire the five stand‑alone stores. The court, led by Justice Caroline Costello, approved the agreement. Coast Ireland's turnover fell from €7.1 m to €6 m in the year to February 2018, and the UK parent entered administration and was bought by Karen Millen.
Who, what, where, when and why
What: Report matter: High Court approves Coast sale agreement. Procedural stage: hearing_or_decision
When:
- February 2018 Hearing Or Sentence
- 2018-10-12 Publication
Places mentioned
- The High Court
- High Court
Topics
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