Calvetron plans more concession closures
Calvetron Brands’ restructuring plan, which has already claimed the closure of its Dash and Eastex clothing labels, will also see 102 Jacques Vert and Precis concessions axed across the UK and the Republic of Ireland.
The decision was announced on Monday by Trevor Birch and Philip Duffy of Duff & Phelps, who were appointed joint administrators to the struggling business earlier this year.
The owner of Jacques Vert, Precis, Windsmoor, Eastex, and Dash operated around 300 UK concessions in stores including Debenhams and House of Fraser before it fell into administration at the start of May.
It blamed inflation and stagnant wages for a decline in sales.
The closure of 102 of its concessions will result in 449 redundancies, said the joint administrators.
“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.”
Calvetron Brands will continue to trade from 91 concessions 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.
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