Established in 1897, AS Cooper has packed it in and “will not reopen its stores for trading until Joint Provisional Liquidators (JPLs) have established whether a sale of all of part of the business as a going concern is possible”.
According to the statement released this week Charles Thresh and Michael Morrison, of KPMG Advisory Limited were appointed as JPLs of AS Cooper & Sons Limited on Friday (June 12), by Order of Bermuda’s Supreme Court.
The retailer operated AS Cooper Ladies on Reid Street, AS Cooper Man on and Vineyard Vines on Front Street, in addition to AS Cooper Dockyard at the Clocktower Mall.
“The Company, whose stores were closed on March 18, 2020 due to the COVID-19 outbreak, will not reopen its stores for trading until the JPLs have established whether a sale of all of part of the business as a going concern is possible,” the statement said.
“The AS Cooper branded department store has been a family-owned business operating since 1897.
“Originally a general store on Front Street founded by Alexander Samuel Cooper, AS Cooper evolved into Bermuda’s premier purveyor of men’s and women’s fashion.
“The current store locations are AS Cooper Ladies on Reid Street, A.S. Cooper Man and Vineyard Vines on Front Street and AS Cooper Dockyard at the Clocktower Mall in Dockyard. For over 100 years, AS Cooper has been a tradition in the Bermuda market and is known as the retailer of many highly-desirable luxury brands.
“Astwood Dickinson, a part of the Company until 2019, is owned independently and is not affected by the appointment of provisional liquidators. Similarly, AS Cooper’s former ground floor business on Front Street, now known as 59 Front, selling cosmetics, fragrances, gifts, china and crystal was sold and is not affected by the appointment of provisional liquidators.
“It is the JPLs’ intention to sell the business, or parts thereof, as a going concern. All serious offers will be considered however, these must be capable of completion within a very short timeframe. Please contact the JPLs’ staff listed below if you have an interest in any or all of the business. The JPLs will be providing details of the sale process to all prospective interested parties.
“The JPLs will now liaise with the employees and other creditors in accordance with the purpose of their appointment. Any creditors, suppliers, customers should contact Shrene Shergill or Brianna Buchanan on 295-5063 or by email: firstname.lastname@example.org. Parties interested in purchasing the business should contact Richard Hobday on 294-2600 email: email@example.com.”