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(Reuters) – British apparel and sportswear retailer Frasers Group (LON:) PLC said on Thursday it has put online clothing platform MATCHES into administration, after buying it last year for about 52 million pounds ($66.59 million).
Frasers said since the acquisition, MATCHES has consistently missed its business plan targets and continued to make material losses.
“Whilst MATCHES’ management team has tried to find a way to stabilise the business, it has become clear that too much change would be required to restructure it,” Frasers said.
Frasers bought loss-making MATCHES from Apax Partners in December last year in an attempt to bolster its presence in the luxury space.
MATCHES offers products from more than 450 designers and generates the majority of its revenue internationally, with the business delivering to 150 countries outside the UK.
($1 = 0.7809 pounds)
