Calverton Brands, who operate Jacques Vert via mini outlets within larger department outlets like Debenhams and House of Fraser, are the latest retailer to be hit by the high street crisis.
On 4th May 2018, Calverton Brands had a meeting with administrators Duff and Phelps, where an agreement to continue trading was made. This allowed time for the business to be marketed and potentially be sold. Today it has been reported that the administrators failed to find a feasible buyer, meaning all remaining concessions are now to close and the business, started in 1972 by Jack Cynamon and Alan Green, will no longer exist.
Problems finding a buyer is probably due to the conditions in the retail market, where rising costs and low customer confidence have created major trading difficulties for retailers. This has probably put off potential buyers.
Calverton Brands employees 1408 staff, throughout their UK, Ireland and Canada branches. Reports state that 840 jobs will now be lost, these including; 500 retail redundancies, 80 jobs lost at Calverton Brands’ global head office and 250 jobs lost in Canada. A small amount of staff will remain to help with the stock trade out, for the next few months. So there is not much left of the company.
These are not the only retailers to suffer. In the last month alone, Toys R Us and Maplin have shut their doors. Other well-known household names such as New Look, Carpetright, House of Fraser, Marks and Spencer’s and Mothercare, are among the many which are having to shut stores in hopes to stay afloat.