Women’s apparel chain Phase Eight has been
acquired through a management buyout backed by Russian investors
Alexander Abramov and Alexander Frolov. According to Drapers, Phase Eight made sales of £59.2
million and a profit of £4.4 million in the year to January
2009.
The owners of value-fashion chain Peacocks are
poised to appoint an investment bank ahead of a secret sale of
the business, speculates the Times. The newspaper writes that a consortium
of shareholders originally wanted to refinance the business, but
those plans were “dented by its debt levels”.
Jon Asgeir Johannesson the former executive chairman at Baugur
has resigned as the chairman of Iceland Foods
and a director of House of Fraser. His
resignation comes as Johanesson prepares to defend himself
against a lawsuit that alleges he siphoned off money from
collapsed bank Glitnir, reports the Telegraph.
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