A buyer has been found for Irish fashion retailer, A-Wear, less than 24 hours after the company went into receivership.
The move secures the long-term viability of the business and protects the positions of its 460 permanent and temporary employees.
The former Brown Thomas-owned company — which operates 32 stores in the Republic — went into receivership on Wednesday evening, with Jim Luby of McStay Luby being appointed receiver, by the firm’s most recent owners, British investment firm, Hilco. However yesterday Mr Luby reached agreement to sell the A-Wear business to a group of international investors, led by British businessman Michael Flacks of the Flacks Group, which specialises in the purchase of distressed assets.
All A-Wear stores will remain open for business and will continue to trade as normal; with the company’s suppliers — most of whom are based in the Far East — set to be contacted over the coming days.
In a statement, Michael Flacks said he had been “highly impressed” by the strength of the A-Wear brand.
© Irish Examiner Ltd. All rights reserved