After a year of hard work and scrutiny, Karen Millen Ireland has decreased it’s losses by over 66 percent.
The fashion brand made significant cuts to staffing and worked on focusing their brand and assets, which are go-to strategies for any company facing losses.
But the big area impacting profits, identified by their Examinership in late 2014, was rents and leases that the company was paying significantly over market value for.
In the end, what saved them from bankruptcy, was a €500,000 investment from parent firm Karen Millen Holdings Ltd. Those monies were used to pay creditors.
Going forward, Karen Millen Ireland will work on e-commerce sales and driving profits in an effort to appease shareholders.
After all, a €4m drop in profits from peak sales of €10.8m, is a terrifying ride for all involved.