Rescue Package Protects Jobs & Core Business at USC
West Coast Capital ("WCC") has agreed a rescue deal with Administrator, Bryan Jackson at PKF to purchase up to forty three of the branded fashion retailer's stores aiming to protect as many jobs as possible.
Jim McMahon, partner in West Coast Capital noted;
“The survival of the core business could only be secured through this deal. Ultimately we had to ask ourselves what’s better the loss of fifteen stores or all fifty eight? The answer was unequivocal.
“Having taken that action we are now confident that with the support of our suppliers and landlords, with whom we are now negotiating, that we can deliver a strong and profitable business with sustainable employment prospects for the remaining staff going forward.
“We had to take action to ensure the survival of the core business particularly given prevailing market conditions. We will continue to invest in the business.”
USC was formed in 1989 and acquired by WCC in 2004. Dundonald Holdings Limited has acquired the USC brand name, IPR, website and is aiming to retain up to forty three of the chain’s fifty eight stores.
