Thu, 21 Jan 2016 | ADMINISTRATION
A Levy & Son, which runs the Blue Inc and Officers Club retail brands, has been placed into administration to go through a “corporate restructuring” process despite reaching sales of £100 million in 2014. The move saves 1,500 people's jobs, though some 580 others are set to lose their positions.
The company brought in Neil Bennett and Alex Cadwallader of Leonard Curtis Business Solutions Group to manage the administration on 19 January 2016. About 74 stores, that were either underperforming or had an imminent lease expiry across its 230-strong portfolio are to be closed down, which will lead to anticipated 580 job cuts.
The procedure to take A Levy & Son through a restructuring will ensure the retailers' future prospects.
Commenting on the situation Alex Cadwallader at Leonard Business Solutions Group told Insider Media: "Blue Inc is in an even stronger position as a result of this deal and will be better placed to continue its growth plans.
"This restructuring deal represented the best outcome possible for the employees and the customers. The buyer has every intention of honouring vouchers and customer returns."
A period of continued trading losses had made it difficult for the retailer to pay its staff and creditors. While the unusual warm weather during the autumn/winter season has impacted clothing sales, not helping matters.
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