CLOTHING chain Coast has collapsed into administration putting nearly 300 people out of jobs.

It is the latest retailer to be hit by Britain’s high street woes.

The high street fashion chain was hit hard after the collapse of House of Fraser, which went into administration earlier this year after owing millions to retailers with concessions within the department store.

All 24 standalone Coast stores will shut, which has result in 273 people being made redundant.

But rival clothing retail company Karen Millen has bought Coast’s brand, website and its department store concessions.

It will be taking on 600 staff.

Major auditing firm PricewaterhouseCoopers (PwC) has been drafted in to finalise the process.

Mike Denny, joint administrator and PwC director, said: “The businesses had been facing financial difficulties due to structural challenges in the retail space and specifically the concession partner market, as well as a softening of demand for occasion wear.

“This sale puts the ongoing business on a firmer financial footing. Karen Millen will be working with the existing management team to continue to grow and develop the new business.

“Regrettably, other parts of the business including 24 retail stores were not included in the transaction.

"We will make every effort to help those employees in parts of the business that were not included in the sale and will support those affected at this difficult time by liaising with the
Redundancy Payments Service and Job Centre Plus.”

Coast is owned by Aurora Fashions, which also owns retailers Oasis and Warehouse.