Cath Kidston is officially up for sale.
The British fashion and homeware brand collapsed into bankruptcy in the early days of the Covid-19 pandemic, shutting all 60 U.K. stores and putting 900-plus employees out a job. The company’s Japanese counterpart also ended up filing for bankruptcy.
Baring Private Equity Asia at the time stepped in to acquire an equity stake from TA Associates in April 2020 to become the majority owner, after previously taking a minority stake six years earlier from the Boston growth equity firm, which acquired Cath Kidston in 2010.
After Baring acquired Cath Kidston’s e-commerce platform, international franchise and wholesale businesses, it reopened the brand’s Picadilly flagship store in London.
Baring has reportedly reached out to PwC to try to find a buyer for Cath Kidston, according to Sky News.
Executives at Baring could not be reached for comment. A PwC spokesman declined comment.
Elsewhere in British retail, Ted Baker is still hoping to find a new owner after Authentic Brands Group bailed on takeover negotiations. The American brand management firm’s decision to back out had nothing to do with anything it uncovered during talks, it said.
Now Ted Baker might have to lower its asking price to attract a new buyer and work out a deal.
More recently, Frasers Group acquired bankrupt Missguided for 20 million pounds ($25.2 million), though some customers and suppliers alike are up in arms over the fast-fashion e-tailer’s revival.