Home Business News Another 500 retail jobs to go as this brand fails to find buyer

Another 500 retail jobs to go as this brand fails to find buyer

by Purvai Dua
5th Jul 18 11:09 am

Here’s what happened

Collapsed Calvetron Brands will be shutting down its remaining concessions after administrators failed to find a buyer. This will result in a further 500 retail redundancies in the UK, according to latest reports.

Benjamin Wiles, joint administrator at Duff & Phelps, added: “We have explored a number of potential options. However, no viable offers for the business as a going concern have been received. As such we are now having to close the remaining concessions here in the UK and Ireland as well as Canada and move to trade-out the stock.

“We are retaining a number of head office staff for between two to four months to assist with the trade-out. 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.”

The business, the parent company of the fashion labels Jacques Vert and Precis, entered administration in May amid “extremely difficult trading conditions on the high street”.

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