Jobs on line as Boohoo set to take over struggling Karen Millen
Concerns were raised for over 1,000 jobs this evening as it emerged that online retailer Boohoo looks set to snap up British brand Karen Millen.
Sky News reported that negotiations continued into the night, and the deal could be finalised when Deloitte is appointed as administrator to Karen Millen.
Read more: UK fashion brand Karen Millen hoists for sale sign
It comes after a six-week sales process for the retailer.
One of the UK’s best-known high street brands, Karen Millen was put up for sale by its Icelandic owners in June. The process was led by Deloitte.
The company, which has expanded across 50 countries, made a £1.4m loss last year.
Sales reached £162m in the year to February 2018. Boohoo’s takeover would also include Coast, which Karen Millen bought out of administration last October, saving 600 jobs.
Read more: Karen Millen buys Coast after collapse but 300 jobs still at risk
Sources told Sky that the firms were being bought through a process called pre-pack administration. It was inevitable after the company was hit by tough conditions on the high street, they said.
One analyst told the broadcaster that most of the company’s 1,100 workers are likely to lose their jobs.