Cash Strapped All Saints May Be Forced to Sell

March 11, 2011 • Fashion


According to the NY Post, British clothier All Saints could be forced to sell in the coming weeks due to an imminent cash crunch.

As The Post reported last week, the debt-ridden company has been trying to conserve cash by laying off employees and delaying vendor payments. Even though sales surged during the holidays, All Saints missed their payments to creditors after the chain aggressively expanded. Whoops.

"Somebody is going to have to inject fresh cash this month to keep the doors open," said one source, noting that creditors led by a pair of Icelandic banks are "tapped out." Apparently the Icelandic banks have hired Ernst & Young to find a buyer for the chain.

Source: NY Post
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