Jacques Vert administrators to close all concessions, leading to 840 job losses
The administrators of Calvetron Brands have failed to find a buyer for the business.
The administrators of Calvetron Brands, owner of Jacques Vert and Precis, have announced all of the retailer’s concessions will now close, leading to the loss of around 840 jobs.
Administrators Duff & Phelps have failed to find a buyer for the business, which first fell into administration in May.
The closures and job losses follow the 102 concessions earmarked for closure in June, which impacted 445 employees.
There will be around 500 retail redundancies from the latest closures, plus around another 90 jobs in Calvetron’s global head office and distribution centre, as well as another 250 roles in Canada.
Calvetron had previously employed 1,408 people – 997 in the UK, 155 in Ireland and 256 in Canada.
Benjamin Wiles, joint administrator at Duff & Phelps, said: “We have explored a number of potential options, however no viable offers for the business as a going concern have been received.
“Calvetron Brands has faced the perfect storm of extremely difficult trading conditions on the high street, rising costs and low customer confidence all of which hindered our ability to secure a buyer.”
Calvetron acquired Jacques Vert and a host of other retail brands in a pre-pack administration last year. The business trades from concessions in Debenhams, House of Fraser, M&Co and some independent retailers.
The company is one of a number of retailers that have collapsed this year due to rising costs and falling spending.
Toys R Us and Maplin have both disappeared from the high street, having fallen into administration on the same day in February.
Poundworld has also called in administrators, putting 5,100 jobs at risk, although there is still hope that its founder Chris Edwards could save more than half of those jobs in a rescue deal.
Household names such as Mothercare, Carpetright and House of Fraser have also been shutting dozens of stores in a bid to stay afloat.