On 12 September, retail restructuring specialist, Hilco UK Ltd, acquired Trident Fashions plc for an undisclosed sum.
Trident, trading under the Ciro Citterio brand, has 98 fashion stores across the UK. It has enjoyed successes in the past but, for the last two trading years has made significant losses with further losses projected for the next trading year.
The Trident Board including CEO David Singh, MD Saeed Hatteea, and operations director, Peter Fitzpatrick, has now resigned. The Hilco team has immediately begun work on a comprehensive restructuring of the company designed to save the business and turn its fortunes around.
Hilco UK, based in the City, are highly successful specialists in retail restructuring. The company has a track record for taking ailing retail businesses, making essential changes to ensure their profitability prior to disposal.
The company was involved in the successful restructuring of the Uptons department store business which was on the brink of receivership. The Hilco involvement ensured that 100 retail jobs were saved when the business was sold to the Anglia Co-op. Most recently, they acquired the Texstyle World business in Scotland to ensure that 36 of the 46 retail stores are trading successfully with new owners.
“Ciro Citterio is a well known brand across the UK and has a loyal following,” explains Paul McGowan, Hilco UK Chief Operating Officer. “Despite the financial problems it has encountered we believe it has the ingredients of a successful business.
“It is now our objective to begin the process of making it profitable again. Our restructuring team is confident that, in its revised form, this business will be a success and as such a desirable acquisition target for any number of retail operators.
“Our restructuring programme is very much in its embryonic stages so we are not yet in a position to announce any specific details but these will be released in the coming days.”
Hilco UK is the European operating arm of Hilco Trading Co. Inc which is based in Chicago, ILL. The company is involved in the design and implementation of restructuring exercises for retail businesses and has now been trading successfully in the UK for three years.
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