Liam Gallagher's Pretty Green bought by JD Sports
Liam Gallagher's clothing brand Pretty Green has been acquired by JD Sports, but most of its stores will close resulting in almost 100 job losses.
The sale will save 72 jobs and includes the brand, online and wholesale business and the flagship store in Manchester.
However the remaining 11 Pretty Green shops and 33 House of Fraser concessions will cease trading immediately, affecting 95 employees.
Simon Thomas, partner at Moorfields, says:
Meanwhile Peter Cowgill, executive chairman of JD Sports, said the brand was "highly regarded".
It emerged earlier in the week that the brand was set to be sold to a sportswear retailer, though it was unclear whether the buyer was JD Sports or Mike Ashley's Sports Direct.
However Mr Gallagher appeared to oppose selling the business to Mr Ashley. Asked by a fan on Twitter if the tracksuit tycoon would buy Pretty Green, he replied "F*** him".
The brand went into administration last week after appointing advisers from Moorfields to oversee options for its future.
In August it was left around £500,000 out of pocket from the administration of House of Fraser, becoming one of hundreds of suppliers to lose money in the chain's collapse.
Advisers said Pretty Green, which is named after a song by The Jam, had also been affected by the weaker retail environment as companies struggle with higher costs and the shift to online shopping.
The company's turnover jumped to £38.2 million in the 16 months to January 2018.
Pre-tax losses narrowed to £1.5 million from a £5.6 million loss in the prior period.