Daily Management Review

Administration Calls For Austin Reed


04/28/2016


Austin Reed becomes the “second” iconic name in Britain to join the administration.



Administration Calls For Austin Reed
The Austin Reed retailer, from the Upmarket High Street, would be the “second iconic British” to join the administration, reports U.K. media.
 
There were expectations that a “professional services firm”, AlixPartners, would make an announcement saying that it has been selected as “administrator to Austin Reed”. The AlixPartners failed to get a buyer even after trying for several weeks.
 
However, the retail stores’ chain containing hundred fifty five stores will mostly be continuing with their trading even during the administration period.
 
The retailer has recently controlled by Apollo Global Management and Alteri Investors on the U.S. Hedge Fund. According to the Guardian, the customers list of the retailer contains the name of Christine Lagarde, “the head of the International Monetary Fund”.
 
In the beginning of this week, BHS entered the administration by risking “11,000 jobs” simultaneously. This action has led to “furious criticism of its former owner, Arcadia chief Philip Green”.
 
Green sold the company “for £1, but left it with a £571m pension deficit having taken out £400m in dividends”. The “equity and debt” investments of Austin Reed were with Darius Capital, which was redeemed from the latter by Alteri. In the words of the Chief Executive at Alteri, Gavin George:
“We decided to acquire the equity and shareholder loans to protect our position as secondary lenders to Austin Reed, behind Wells Fargo who remain senior lender.”
 
References:
http://www.digitallook.com/







Science & Technology

NASA’s Mars Mission To Make Use Of Cold War-Era Atomic Rockets

Israel Completes Mars Habitat Simulation Experiment

Just $24 Earned By Hackers From The Huge Cryptojacking Campaign Conducted Last Week

New Molecule That Quickly Fights Cancer Cells Identified By Swedish Scientists

The U.K.’s Health Sector To Integrate Israeli ‘Digital Health’ Technology

Cryptocurrency Mining Malware Infects Government Websites In Multiple Countries All Across The World

New Research Into Space Settlement And Space Habitation Will Be Supported By Seed Grants Launched By UAE

NASA Confirms Mystery Satellite To Be Its IMAGE Satellite

Facebook To Put A Ban On Cryptocurrencies Ads

Study Show An Early Sign For Alzheimer's Is Sleep Disruption

World Politics

World & Politics

Australia To Welcome Britain On The Latter’s Interest In Joining TPP

South African President Zuma Finally Resigns, New President To Be Elected Soon

13 countries with the best healthcare system

France is coming closer to Iran

India-Russia Develops Supersonic Missile Which Could Raise Concerns In China

Yet another serious political risk for Europe: Italian elections coming soon

Seven Weeks Time Period , Says Theresa May, For Agreement On Brexit Transition Deal

Germany on the brink of political chaos