SAVING ALLSAINTS: Principals at the British clothing retailer AllSaints are deep in talks with Goode Partners about a sale, and a decision could come as early as next week, according to sources familiar with the negotiations. “The next two to three days are very critical,” one source said. Spokespeople for AllSaints and Goode declined to comment on Thursday. Goode, which has a stake in Intermix, is said to be working alongside MSD Capital, which was started in 1998 and is the investment arm of Michael S. Dell. Earlier this year, Goode had been working with M1 Group, a fund run by the Lebanon-based Najib Makiti, on a bid for AllSaints. According to sources, Goode already has a stake in AllSaints that it is seeking to protect. MSD Capital could not be reached for comment at press time and it is unclear whether MSD Capital is still taking part in the talks to acquire AllSaints.
AllSaints has been forced to restructure following the collapse of the Icelandic bank Kaupthing, which held a majority stake in the company through loans of a reported $532.2 million, which the company used to fuel its rapid international expansion. Ernst & Young, the accountancy group, has put Kaupthing’s U.K. division into administration, the U.K. equivalent of Chapter 11, and — separately — has been dealing with AllSaints, trying to find it new investors. If AllSaints does not find a buyer, it too risks falling into administration.
fashion-scoops
fashion-scoops
April 22, 2011
Hugo Boss' Design Competition... Melanie Laurent to Wear Dior at Cannes...
To celebrate their 30-year partnership, Hugo Boss is inviting consumers to design the racing overalls worn by McLaren Formula 1 drivers.
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