The retail giant, All Saints, may have found it saviours in a lucky escape from closing down many of it’s stores.
A last minute deal was pulled off rescuing 2,000 staff and keeping open all 62 stores and 45 concessions in Europe, America and Russia.
The fashion chain, best known for it’s vintage feel sitting at the higher priced end of the high street was on the verge of collapse after running out of cash due to ill-timed expansion.
Chief executive Stephen Craig held protracted talks with a number of investors who had left and amazingly at the last minute secured a deal with a consortium including private equity firms Lion Capital and Goode Partners for £105m.
The deal will be finalised next week and will give Lion takes 65 per cent stake, founder Kevin Stanford will retain 15 per cent and Goode 11 per cent. The management will share the remainder.