Duff & Phelps has Completed the Restructuring of High-Street Clothing Retailer USC
Duff & Phelps is pleased to announce that it has recently completed the restructuring of high-street clothing retailer USC.
About the Company
West Coast Capital (USC) Limited, trading as USC and part of the Sports Direct group, operated 28 leasehold retail units in major cities across the UK, turning over c.£78m and employing c.700 staff.
Duff & Phelps’ Role
The Company was acquired by the Sports Direct group in 2011, however suffered from the economic downturn and the general effect on high-street retailers, in particular given its positioning as a “premium lifestyle” outlet facing competition from discount clothing retailers.
The Company’s accumulated losses had been supported by funding from its parent company, however ultimately cash flow pressures resulted in a statutory demand from a key supplier.
Duff & Phelps’ role resulted in the business and assets of the Company being sold via a pre-packaged Administration process, which resulted in all stores continuing to trade and c.600 jobs being transferred to the Purchaser.