Jacques Vert and its sister brands have entered administration for the second time in less than a year under new owner Calvetron.
Calvetron at present sells through around 300 concessions in Britain and Ireland, including via Debenhams and House of Fraser, and in Belgium, Canada and the Middle East. 1,408 staff face losing their jobs.
The collapse comes less than one year after the company’s previous rescue deal, in which former Jaeger boss Harold Tillman and business partners Sandeep Vyas and Haseeb Aziz bought the brands’ parent company Style Group Brands out of pre-pack administration. The brands, which target older shoppers, were formerly owned by private equity group Sun European.
Calvetron chief executive Peter Ridler said: “Everyone at Calvetron Brands has worked with energy and determination to achieve the turnaround that was needed; however, a combination of four brands that needed time and investment, against a backdrop of extremely difficult trading conditions on the high street, rising costs and low customer confidence has meant that we haven’t been able to achieve this within the timescales required.”
Duff & Phelps administrator Philip Duffy added: “Inflation and wage freezes have been major concerns for many fashion retailers and have been a driving force behind decreased spending.
“However, CBL has also been carrying a number of legacy issues dating back to the acquisition of the assets and business of SGBL resulting in a high cost base relative to its turnover. In the difficult retail environment we are facing today CBL simply could not restructure its cost base quickly enough or create the necessary economies of scale to succeed.”
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