American apparel owners purchase fashion chain all saints

The owner of clothing retailers La Senza and American Apparel has bought fellow fashion chain All Saints in a deal set to secure hundreds of jobs.

Investment firm Lion Capital has teamed up with American investor Goode Partners to buy the holdings of two Icelandic banks for an undisclosed sum.

All Saints, which employs about 2,000 staff and has 62 stores and 45 concessions in the UK, Europe, US and Russia, was reportedly facing administration.

The deal is understood to leave chairman and owner Kevin Stanford with a larger-than-expected 15% stake in the business.

Source: The Independent