2012 May 2
YGM Trading Buys Aquascutum Ltd.
Getty Images View Gallery
(NEW YORK) YGM Trading Limited is bailing out Aquascutum, the luxury British brand that collapsed into administration last month. The Hong Kong-based company, which has owned Aquascutum's Asian branch since 2009, has entered into exclusive talks with Aquascutum administrator FRP Advisory LLP to acquire “the ongoing business and assets” for an undisclosed sum.
"The joint administrators have been encouraged by the significant interest shown in the business over the last two weeks and have chosen to proceed with the offer that delivers the best outcome for the creditors of Aquascutum," said FRP joint administrator Geoff Rowley in a company statement. Rowley later added that over "70 interested parties" came forward. The deadline for bids ended on Friday, April 27.
In the meantime, FRP Advisory is conducting a search for a buyer to purchase Aquascutum's Corby factory, which closed April 19 and laid off 115 workers. The deal between YGM Trading and Aquascutum is set to close May 9.
The U.K.'s beloved mass fashion retailer Primark is finally coming stateside next year. Primark is slated to open stores on the East Coast of the U.S. next year starting with Boston...
Top Male Model Cole Mohr To Put On Art Show [Dazed Digital] The 27-year-old model and Hedi Slimane fave is putting on a show at Marianne Vitale Studio next month...Can Rebekka Bay ...
Forget any superstitions about the number 13 being unlucky: Swarovski is celebrating its many years (a baker's dozen, to be exact) of working with the CFDA Awards. To toast the occasion...