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Calvetron administrators cut 450 concessions jobs

Joint administrators for Calvetron, Duff & Phelps, have announced they are closing 102 Jacques Vert and Precis concessions in the UK and Republic of Ireland, resulting in 449 job losses.

The administrators said the decision to close the concessions formed part of the wider restructuring plan for the business.

After the closures have taken affect Calvetron will have a portfolio of 91 concessions in the UK and Ireland. These include 54 with Debenhams, four with House of Fraser, 13 with its independent partners, eight outlets, and 12 stores with its Alshaya partners in the Middle East, in addition to its online channels.

This follows the announcement of the Dash and Eastex closures made on 4 June.

Benjamin Wiles of Duff & Phelps stated: “Following our appointment on 4 May 2018, the joint administrators have continued to trade the business, allowing a period of time for us to market the business and assets for sale as a going concern. We have explored a number of potential options. However, as a result of the business review we have had to take this difficult decision, affecting a further 102 concessions here in the UK and Ireland.

“These closures will result in a number of redundancies as part of the restructuring plan for the business, which is designed to ensure the viability of the business in the long-term while the options are explored further.”

Wiles added: “The continued downtown in the retail market, caused by changing consumer habits, increased business rates and inflation causing a tightening of purse strings has unsettled the retail sector.”



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