Over 1,000 jobs could be at stake!
That’s the fear among the employees of Karen Millen as the brand is preparing itself to be acquired by the British online fashion retailer Boohoo.
The negotiations continued all through yesterday night (5 August) and the deal was finalised early morning today once Deloitte was appointed as administrator to Karen Millen.
Back in June, Karen Millen had officially put itself up for sale, with the sales process being led by Deloitte.
It is important to note that sales of Karen Millen went down drastically last year with losses amounting to £1.4 million. Boohoo’s acquisition also includes Coast, which Karen Millen had bought out of administration in 2018.
According to several analysts, more than 1,000 workers could be losing their jobs with the finalisation of this deal.
Karen Millen trades from 65 countries across the globe and has nearly 1,700 employees.
