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AllSaints Rescued by $166 Million Deal

The troubled British retailer AllSaints, which opened a New York flagship in Soho last May, began calling desperately for new investors this past March. They're currently finalizing a deal with Goode Partners, an investor in Intermix and Bowlmor Lanes, and London-based Lion Capital, a key creditor to American Apparel. "We're guardedly optimistic," said an AllSaints spokesperson of the $166 million deal. Lion will buy 75 percent of the company, while Goode will take 15 percent, leaving AllSaints founder Kevin Stanford with a 10 percent stake.

AllSaints' financial troubles began when one of its majority stakeholders, Icelandic bank Kaupthing, collapsed earlier this year in the midst of the retailer's ambitious international expansion plan (which included a large new shop in the meatpacking district). A source close to the company said that Stanford was "wildly talented, but also loved to spend money," which also contributed to the money shortage.

All Saints has it$ prayer answered [NYP]

Photo: Courtesy of AllSaints

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Copyright © 2013, New York Media LLC.
All Rights Reserved.

Copyright © 2013, New York Media LLC. All Rights Reserved.

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