Atlas-backed Koodos sold to E-trader group, at a discount
Summary
[UK] We’d been hearing whispers that Atlas-backed discount fashion buying club Koodos was looking at its ‘options’, but we’ve confirmed today that it was yesterday acquired by the e-trader group which specialises in the onwards sale of surplus stock. We’ve been talking to them at length and they buy into it heavily.” However our sources say Koodos had run into severe trading difficulty recently, hence the sale. No doubt the recession has affected sales, though it appears Koodos has failed to capitalise on the frenzy surrounding buying clubs. The company was headed up by Lahage, who previously oversaw ecommerce for the huge US discount fashion business T.J.Maxx and department store chain Marshalls. It’s been previously reported that Lahage was poached to work on the startup, which suggests it had reasonably significant backing from Atlas, such that it could pay a decent salary for such a high profile executive.
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