Womenswear retailer with East Anglian concessions to disappear from high street
PUBLISHED: 10:18 05 July 2018 | UPDATED: 10:26 05 July 2018
Archant Norfolk 2016
All concessions owned by Calvetron Brands, including Jacques Vert and Precis, are to close - leading to the loss of around 840 jobs.
Administrators at Duff and Phelps have failed to find a buyer for the business, while went into administration in May.
The closures and job losses follow 102 concessions earmarked for closure in June, which impacted 445 employees.
Jacques Vert’s East Anglian presence includes concessions in Palmers in Great Yarmouth and Lowestoft, Jarrold and House of Fraser in Norwich, and Debenhams in Ipswich and Colchester.
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Overall there will be around 500 retail redundancies from the latest closures, plus around another 90 jobs in Calvetron’s global head office and distribution centre, as well as another 250 roles in Canada.
Benjamin Wiles, joint administrator at Duff and Phelps, said: “We have explored a number of potential options, however no viable offers for the business as a going concern have been received.
“Calvetron Brands has faced the perfect storm of extremely difficult trading conditions on the high street, rising costs and low customer confidence all of which hindered our ability to secure a buyer.”
READ MORE: Up to 50,000 jobs lost or at risk in the UK so far in 2018
Calvetron acquired Jacques Vert and a host of other retail brands in a pre-pack administration last year and trades from concessions.
The company is one of a number of retailers that have collapsed this year due to rising costs and falling spending.
Toys R Us and Maplin have closed their doors, while Poundworld has also called in administrators.
Household names such as Mothercare, Carpetright and House of Fraser have also been shutting dozens of stores in a bid to stay afloat.