Retail news round-up: Coast, Warehouse and Oasis to face store closures and Coach to acquire Jimmy Choo
Coast, Warehouse and Oasis to face store closures
Potential new owners of Coast, Oasis and Warehouse chains could close loss-making stores in an attempt to save money, The Telegraph reported.
Endless and Alteri are thought to be among the private equity firms eyeing a deal.
The auction is expected to gain less than £100m.
Coach to acquire Jimmy Choo
Coach, the US handbag-maker, is considering acquiring Jimmy Choo for more than £1bn, The Telegraph reported.
Coach is trying to buy luxury brands in the UK following its failed attempt to bag Burberry last year.
The firm has recently appointed Joshua Schulman, former Jimmy Choo boss, as chief executive.
All parties declined to comment.
Card Factory to expand in Ireland
Card Factory is planning to expand its stores in Ireland, The Irish Independent reported.
The firm has established a company to lead the expansion, with plans to open a total of about 50 stores a year.
The company’s CEO Karen Hubbard said she intends to pursue a strategy of expanding in Ireland and that there is a "clear opportunity" to build a strong presence there.
Marks & Spencer set to appoint new chairman
Marks & Spencer is set to appoint Archie Norman as its new chairman, Sky News reported.
Former Asda boss Norman is said to be in talks with M&S board members.
Sources, however, said "there are at least two – and possibly three – people that M&S is still talking to".
M&S declined to comment.
Kit and Ace closes stores in the UK
Kit and Ace, the Canadian apparel brand, is closing its stores in the UK, Australia and the US to “simplifying its business plan and operations”, Drapers reported.
The firm’s two UK stores on Redchurch Street in Shoreditch and Park Street in Borough are closed, while Monmouth Street in Seven Dials will be shut in two weeks.
The company is also decreasing its head office staff to focus on Canadian stores and global ecommerce platform.