- Angela Gonzalez-Rodriguez |
New York - Asian clothing retailer Khaadi Fashion has been rescued after a pre-pack administration, saving the majority of its 100 staff’ jobs.
Founded in the UK in 2013, Khaadi had operated from 10 stores nationwide. After being rescued from administration, six outlets will continue trading with jobs saved at those sites after the sale was agreed by administrators, Keith Marshall and Gareth Harris of RSM with Weaves UK Trading Ltd.
Khaadi employed just under 100 staff just prior to administration and the sale secured the majority of those jobs.
However some redundancies followed the closure of the four underperforming stores. Khaadi’s management team, which started the business, will remain in place, reported the ‘Yorkshire Post’.
A legal team from Weightmans have advised on the pre-pack administration sale of Khaadi Fashion, acting on behalf of RSM with its specialist insolvency, retail, employment and property lawyers joining forces to advise on the deal.
James Moore, the Weightmans partner who led the transaction, said: “Sadly failures on the high street remain common as the retail sector faces massive structural changes but we are glad that Khaadi has survived. This was a complex transaction that demanded expertise from across our specialist practice areas, safeguarding the majority of roles at Khaadi and leaving a more streamlined and sustainable business”