Some of the UK’s key boutique retailers, including luxury house Duchamp, face an uncertain future this weekend as their troubled Icelandic parent tries to stave off collapse.
Investment fund Kcaj is in last-ditch talks to raise emergency funding, but if these fail then the Icelandic vehicle is expected to go into administration this week. The move would trigger the sale of its stakes in a number of high-street UK retailers that Kcaj owns. As well as Cruise, Kcaj’s stable of brands includes Cruise and the upmarket leather-goods firm Aspinal of London, as well as minority stakes in Jones Bootmaker, and Mountain Warehouse, a seller of ski and outdoor wear.
The Midlands-based fashion chain Limeys has been folded into Cruise. Kcaj is in talks to sell its maternity-wear business, Blooming Marvellous, but if a buyer is not found in the coming days then it is expected to be put into administration. Several parties have expressed interest.
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