Administrator axes 102 Jacques Vert and Precis concessions, brings job losses to 449
Job losses in the administration of fashion brand Jacques Vert owner Calvetron have hit almost 450 with the closure of another 102 concessions around the UK.
Benjamin Wiles, Trevor Birch and Philip Duffy of Duff & Phelps, joint administrators to Calvetron Brands have served notice on 102 Jacques Vert and Precis concessions in the UK and Republic of Ireland.
Along with the Dash and Eastex closures announced earlier this month it brings the job losses to 449 as part of the restructuring of the business.
Benjamin Wiles said: “Following our appointment on May 4, 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.”
Following the closures, Calvetron Brands will have a concession portfolio of 91 in the UK and 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.
Benjamin Wiles added: “The continued downturn 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.”