KEVIN Stanford, the chairman of All Saints fashion chain, has been fired from his role after a fall out with the group’s majority shareholders.
Stanford was sacked about two weeks ago by Lion Capital, the private equity firm, which rescued the debt-laden retailer for an undisclosed sum last year.
Lion Capital, which also owns American Apparel, is now attempting to reach an agreement with Stanford to buy out his 15 per cent stake in All Saints, according to Sky News.
A spokesperson for Lion Capital declined to comment.
Lion Capital and US investment firm Goode Patners bought a 76 per cent stake in All Saints from the two nationalised Icelandic banks, Glitnir and Kaupthing, last year. The retailer had been struggling under its debts and lack of cash.