Frasers Group PLC (LSE:FRAS) has placed online fashion retailer MATCHES into administration just two months after paying £52 million for the business.
Despite initial ambitions to enhance its luxury segment presence through this acquisition, the Sports Direct owner said the business 'consistently failed' to meet its targets, resulting in 'material' financial losses.
It was deemed that too 'much change' would be required to put MATCHES on a more solid footing requiring funding 'far in excess of amounts that the group considers to be viable'.
Frasers bought the company, which sells products of around 450 designers to the international market, back in December.