Fri, 04 May 2018 | ADMINISTRATION
Calvetron, owner of fashion brand Jacques Vert and other fashion brands, has announced that it is preparing to call in administrators Duff & Phelps.
The company owns a number of womenswear retailers in Britain, trading from department stores including Debenhams and House of Fraser. The firm purchased a number of its brands via a pre-pack administration in 2017, although seven stores in Belgium and 17 in the UK have since closed.
According to the group, it's likely trading from the department stores will be heavily affected by the decision, which could eventually result in the sale of part of Jacques Vert or investment in Calvetron.
Despite concerns that the problems will impact on these giant high street stores, recent announcements including House of Fraser's decision to seek approval for a Company Voluntary Agreement (CVA) are actually thought to have had the biggest impact on the Calvetron group's projected success. The could reportedly result in the closure of a large number of the department store's sites.
According to the department store's Chinese owner, House of Fraser is now going to attempt to find a buyer for a majority shareholding in the business, and is currently looking towards C.banner to invest. However, House of Fraser will be required to restructure its property portfolio if it is to secure a sale.
These issues are similar to those faced by other major high street retailers including Carpetright, New Look and Poundworld. Since the start of the year, all of these company's have either finalised or announced that they are pursuing CVAs, with many of them now seeking a buyer for all or some of their divisions.
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