(Alliance News) - Frasers Group PLC is putting Matchesfashion into administration, Sky News reported Thursday.
https://news.sky.com/story/ashleys-frasers-group-pulls-plug-on-matchesfashion-13089400
Just in December, the Shirebrook, England-based owner of House of Fraser, Sports Direct and Flannels retail chains confirmed it bought the luxury clothing retailer for GBP52 million, from its private equity owner since 2017, Apax Partners.
Matchesfashion sells fashion brands such as Balenciaga, Gucci and Valentino.
Citing industry sources, Sky said that Frasers had tried to win "sizeable" discounts from suppliers in the past weeks, with some brands said to have been "disgruntled" by Frasers's approach.
Further, one source said that some brands had not received payments in months.
Frasers shares closed 1.2% higher at 809.73 pence each on Thursday in London.
By Tom Budszus, Alliance News slot editor
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Frasers Group (FRAS)
