Jobs at risk as Jacques Vert owner collapses
The concession retailer has become the latest casualty on the high street.
The owner of Jacques Vert and other fashion brands is to call in administrators, putting around 1,000 jobs at risk.
Calvetron’s management has called in Duff & Phelps to handle the administration, with an official appointment due to be announced on Friday.
The group is a significant womenswear concession retailer in the UK, and trades from department stores Debenhams and House of Fraser. It also has employees in Ireland and Canada.
The firm owns a host of fashion brands, which it bought as part of a pre-pack administration steered by KPMG last year. Seven concessions in Belgium closed, and 17 UK stores were shut, but a significant number of jobs were saved.
However, the future of Calvetron’s employees are at risk once again as Duff & Phelps embarks upon a sale process.
The turmoil on the high street has come to a head this year, with multiple retailers falling into administration or announcing restructuring plans.
This week House of Fraser confirmed it was going to landlords to seek approval for a programme of store closures through a so-called Company Voluntary Agreement (CVA).
It is not yet known how many stores will close, or how many jobs will be affected, with the proposal due in June.
House of Fraser’s Chinese owner is trying to sell a majority shareholding in the business to international retailer C.banner.
C.banner has also promised to make a significant investment into House of Fraser. However, House of Fraser must restructure its property portfolio to secure the investment and sale.
Other retailers which have secured, or are pursuing, CVAs include Carpetright, New Look and Poundworld.
Toys R Us, Maplin and Warren Evans have also fallen into administration, resulting in thousands of jobs losses.