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Matches, Net-a-Porter & Retail Roulette

News and notes on a micro-industry in need of reinvention, a savior, and so much more.

Mytheresa C.E.O. Michael Kliger
Mytheresa C.E.O. Michael Kliger has kept the business admirably focused amid his decade in charge. Photo: Roger Kisby/Getty Images
Lauren Sherman
May 2, 2024

On Monday, British retail group Frasers bought back the intellectual property of Matches, the bankrupt company it acquired late last year for a pittance—only to subsequently realize that its prospects were vanquished and its debts insurmountable. What’s going on here? Well, since Frasers put the business into administration—the British equivalent to Chapter 11 bankruptcy protection—it’s perfectly legal for the group to buy back the I.P. without buying back all the debts. So most, if not all, of the brand partners owed money by Matches will never see it.