Bay Trading salvaged by sale to Rinku Group

FASHION chain Bay Trading has been rescued by a last-ditch sale to clothing wholesaler and retailer Rinku Group, administrator Deloitte said yesterday.<br /><br />Rinku, which owns the Tigi-Wear, Viz-a-Viz and iZ clothing brands, has bought 45 of Bay Trading&rsquo;s stores and 85 concessions. The chain&rsquo;s remaining 125 outlets will be wound up and returned to landlords after running down their stock.<br /><br />As part of the deal, 566 jobs will be saved, though Bay&rsquo;s remaining 1,230 employees will be made redundant.<br /><br />Deloitte administrators Lee Manning and Matt Smith did not disclose the cost of the deal.<br /><br />Epcoscan Limited, which trades as Bay Trading, was put into administration by former owner Alexon Group in April, after credit insurers withdrew cover for its suppliers.<br /><br />Just two days earlier, the group revealed the Bay brand had made a &pound;7.2m loss before exceptionals for the full year, but was upbeat about the chain&rsquo;s prospects, saying it had designed a new &ldquo;revitalised image&rdquo; for the label.<br /><br />Deloitte said at the time it would continue to trade the business with a view to selling it as a going concern.