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A-Wear falls into examinership

The Irish High Court has appointed restructuring specialist Kavanagh Fennell as interim examiner to troubled Irish fashion chain A-Wear.

Ken Fennell, owner of Kavanagh Fennell, said that all 40 of the retailer’s shops will stay open during the examinership. The retailer employs over 350 people.

The retailer said it had suffered from decreasing footfall and its survival will depend on negotiating low rents with landlords.

According to The Irish Times, the High Court appointed the insolvency practitioner as interim examiner to Latzur, trading as A-Wear, after an independent accountants report said the company had a reasonable chance of survival if certain steps were taken.

The paper said these steps include the examiner putting together a scheme of arrangement with the firm’s creditors, which if approved by the High Court would allow the company to continue to trade as a going concern.

The court heard that a reduction in the rents the firm pays for its stores will form a crucial part of the retailer’s future.

A-Wear was bought by investment group Jesta last year after it was placed into receivership by Hilco.

A-Wear did not respond to calls for comment at the time of going to press.

 

 

 

   

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