Next snaps up another struggling retailer as it pays £8.5m for Cath Kidston
Next has paid £8.5m for struggling home furnishing retailer Cath Kidston in a move that will result in a number of redundancies, administrators have said.to add to its recent acquisitions including Made, the online furniture retailer, and Joules, the fashion group.Administrators at PwC said the purchase would allow the company to"flower" under Next's ownership after Hilco started a sale process involving a number of bidders.
Joint administrator Zelf Hussain said:"The company has over recent years navigated through incredibly challenging market conditions including the pandemic restrictions, and most recently the decline in consumer spending driven by cost of living pressures and rising costs."Sadly, there will be redundancies during this period of wind down and we will continue to support the staff throughout this period.
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