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\/\/<\/span> Just Hype rescued by Birmingham-based investor Sarjon Dulai in pre-pack deal, saving all 82 jobs<\/h6>\n\/\/\u00a0<\/span>The streetwear retailer will continue to trade online and through its stockists under new its new ownership<\/h6>\nJust Hype has been rescued in a pre-pack administration deal which will see all 82 jobs saved.<\/p>\n
Birmingham-based investor Sarjon Dulai has snapped up the streetwear retailer for an undisclosed sum after it entered administration on 31 March, Drapers reported.<\/p>\n
Under its new ownership, the retailer said there will be no significant change to the business or its products and will continue to trade online and through stockists.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/p>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nJust Hype appointed Carl Jackson and Kelly Mitchell of Quantuma Advisory as administrators last month after it battled with falling sales and excess stock accumulated during the pandemic.<\/p>\n
Co-founder Bav Samani said: \u201cAs with many online retailers we expanded very aggressively during Covid and in the aftermath were left with a large stock overhang.<\/p>\n
\u201cIn addition, we had spent a considerable amount on advertising which although elevated the brand significantly left us heavily indebted.<\/p>\n
Samani said falling sales amid the cost-of-living crisis left the brand \u201cvery exposed and unable to trade effectively\u201d.<\/p>\n
\u201cOur new investor has a strong international distribution network which will be of mutual benefit to us both as the brand continues to grow both domestically and internationally,\u201d he said.<\/p>\n
\u201cWe do not anticipate any significant changes to the business, our products or services, or our commitment to our customers.<\/p>\n
\u201cInstead, the new investors will enable us to continue to grow and operate with greater strength and agility, helping us achieve our long-term goals and objectives.\u201d<\/p>\n
Just Hype has been rescued in a pre-pack administration deal which will see all 82 jobs saved.<\/p>\n
Birmingham-based investor Sarjon Dulai has snapped up the streetwear retailer for an undisclosed sum after it entered administration on 31 March, Drapers reported.<\/p>\n
Under its new ownership, the retailer said there will be no significant change to the business or its products and will continue to trade online and through stockists.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/p>\n Sign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\n Just Hype appointed Carl Jackson and Kelly Mitchell of Quantuma Advisory as administrators last month after it battled with falling sales and excess stock accumulated during the pandemic.<\/p>\n Co-founder Bav Samani said: \u201cAs with many online retailers we expanded very aggressively during Covid and in the aftermath were left with a large stock overhang.<\/p>\n \u201cIn addition, we had spent a considerable amount on advertising which although elevated the brand significantly left us heavily indebted.<\/p>\n Samani said falling sales amid the cost-of-living crisis left the brand \u201cvery exposed and unable to trade effectively\u201d.<\/p>\n \u201cOur new investor has a strong international distribution network which will be of mutual benefit to us both as the brand continues to grow both domestically and internationally,\u201d he said.<\/p>\n \u201cWe do not anticipate any significant changes to the business, our products or services, or our commitment to our customers.<\/p>\n \u201cInstead, the new investors will enable us to continue to grow and operate with greater strength and agility, helping us achieve our long-term goals and objectives.\u201d<\/p>\n