The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
997 jobs Number of planned job losses
Announcement Date
15 June 2018
Employment effect (start)
15 June 2018
Foreseen end date
Description
The administrators of Calvetron Brands, the owner of various fashion labels, announced on 15th of June that they are closing all their Jacques Vert and Precis concessions in the UK and Ireland, resulting in 449 job losses. The business employs 997 people in the UK, with another 155 in Ireland and has 300 concessions in department stores, such as House of Fraser and Debenhams.
The company fell into administration in May but continued to trade while looking for options to sell the business. The joint administrators, Duff & Phelps, said in their statement: “as a result of the business review we have had to take this difficult decision, affecting a further 102 concessions” as part of the wider restructuring plan.
The announcement follows the news on 4th of June that Calvetron will close its Eastex and Dash retailers in a move that makes 13 Calvetron Brands employees directly redundant and leads to the closure of 68 concessions.
UPDATES 16/07/2018:
The administrators of Calvetron Brands have announced that all Jacques Vert and Precis concessions will close, with the loss of another 590 jobs in the UK. The latest round of redundancies affects staff in retail and in the company’s global head offices in London and Birmingham. Up to 30 employees in the head office will continue to be employed for the next two to four months to wind up the business.
The administrators have made the decision to close the remaining concessions after they failed to find a buyer for the business.
Sources
15 June 2018: Drapers online
5 June 2018: Drapers online
4 May 2018: BBC News
4 July 2018: Drapers online
Citation
Eurofound (2018), Calvetron Brands, Bankruptcy in United Kingdom, factsheet number 94537, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/94537.
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