Administrators set to close 102 Jacques Vert and Precis concessions
Administrators for Calvetron Brands, the owner of the Jacques Vert and Precis fashion brands, have announced that they will be closing 102 of the brands’ concessions in the UK and Republic of Ireland.
This current round of closures, and those announced previously by administrators Duff & Phelps, will result in a total of 449 redundancies.
Benjamin Wiles, joint administrator, 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 longterm whilst the options are explored further.”
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 independent partners, eight outlets and 12 with its Alshaya partners in the Middle East.
Wiles 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.”
The news follows the announcement that Calvetron will close its Dash and Eastex brands in August.
