Administrators axe 102 fashion concessions

Some 449 jobs are set to be axed after administrators pulled the plug on 102 Jacques Vert and Precis concessions in the UK and Republic of Ireland.

Trevor Birch and Philip Duffy of Duff & Phelps, joint administrators to the stricken Calvetron Brands business made the decision as part of a wider restructuring plan for the business.

Following the closures, Calvetron Brands will have an ongoing concession portfolio of 91 in the UK and Republic of Ireland including 54 with Debenhams, four with House of Fraser, 13 with its Independent partners, eight Outlets and 12 with its Alshaya partners in the Middle East, in addition to its online channels.

Wiles said: “Following our appointment on 4 May 2018, the Joint Administrators have continued to trade the business, allowing a period of time for us to market the business and assets for sale as a going concern. We have explored a number of potential options, however as a result of the business review we have had to take this difficult decision affecting a further 102 concessions here in the UK and Ireland.”

“These closures will result in a number of redundancies as part of the restructuring plan for the business, which is designed to ensure the viability of the business in the long-term whilst the options are explored further.”

The news follows the announcement of the Dash and Eastex closures made on 4 June 2018.

Benjamin Wiles, Duff & Phelps, added: “The continued downtown in the retail market, caused by changing consumer habits, increased business rates and inflation causing a tightening of purse strings has unsettled the retail sector.”

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