Administrators have confirmed that a further 91 Matches employees have been made redundant, following Frasers Group’s acquisition of “certain intellectual property assets”.

Teneo, the company’s appointed administrator, told that “91 redundancies were made on Tuesday”.

In a brief statement to the London Stock Exchange on Monday, Frasers said it reached an agreement with Matches’ joint administrators at Teneo to repurchase the luxury retailer’s IP but not its stock. This came just two months after Frasers entered Matches into administration.

Assets acquired are understood to be non-tangible, including the Matches trademark, domain names and databases of the store, according to WWD.

The group said the IP purchase was completed “following an extensive marketing process” by the administrators. Meaning, there were no other credible offers tabled for Matches. Frasers has granted a license to Teneo to allow it to operate the business until the stock in the warehouse and shops is cleared.

Back in March, almost 300 Matches employees lost their jobs after Frasers Group first confirmed its plans to place the luxury clothing retailer into administration less than three months after buying it.

A total of 273 staff were dismissed to allow the business to trade through administration. Matches employed 533 staff across its head office and three stores in London. With the additional 91 job losses, there have been 364 job cuts since Frasers took the helm, leaving a remainder of 169 staff still employed under Matches.

Read’s feature ‘Matches: What went wrong for the luxury retailer and what does the future hold?’ to learn more.

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