All but one of Pretty Green’s stores and all its concessions are to close and 100 jobs will go as JD Sports buys Liam Gallagher’s fashion brand out of administration.
JD Sports has bought the Pretty Green brand, online and wholesale business as well as a flagship store in Manchester, saving 67 jobs.
However, 11 stores and 33 concessions in House of Fraser, which is owned by JD Sports’ rival Sports Direct, will cease trading immediately. The retailer beat off competition from Mike Ashley’s Sports Direct to secure Pretty Green.
Simon Thomas, Partner at Moorfields Advisory, says: “We are pleased to have secured the sale of the Pretty Green brand. We have worked hard over the last few weeks in challenging circumstances to secure the best outcome for the business, its creditors and its employees.
“Pretty Green is a popular brand and received a considerable amount of interest. We are confident that JD Sports is the right fit for the business and will help to grow its online and wholesale channels.”
Peter Cowgill, executive chairman of JD Sports, which owns Millets, Blacks, Size and Scotts and is in the process of buying the ailing trainer specialist Footasylum, said: “We look forward to working with the team on future positive developments.”
Pretty Green, which was founded by the former Oasis frontman in 2009, called in administrators last week after appointing Moorfields Advisory to review strategic options for the future of the business a few weeks ago.
Pretty Green increased sales by 32% to £38.2m last year and it significantly reduced pre-tax losses to £1.5m, after a £5.6m loss in 2017.
The company took a hit when House of Fraser entered administration in August, owing the brand just over £500,000. The department store has been trading poorly since as a number of key brands have exited and its website has struggled after a dispute with the warehouse operator.
The brand suffered alongside other House of Fraser concessions including LK Bennett, which recently called in administrators, and Coast, which was bought out by a sister company in a rescue deal.
