East to cease trading as it fails to find a buyer
Fashion retailer East will cease trading on 4 May, leading to the loss of 300 jobs, after administrators failed to find a buyer.
FRP Advisory were appointed administrators to the business in January, at which point 27 staff were let go, but despite having received three approached they have been unable to find a suitable buyer.
According to City AM, FRP has not yet ruled out the chance of an 11th hour bid for the business before the planned closure date: "Discussions are still ongoing and we continue to explore avenues for a sale to secure the best possible outcome for all parties," a spokesperson told the publication.
The January administration was the second in under three years for the business, which was founded in 1994 by former Monsoon team members. It initially went into administration in 2015 but was purchased by a new company called East Lifestyle Limited in a pre-pack buyout. During the first administration 19 stores were closed, leading to around 150 job losses.
