460 jobs saved as A-Wear bought

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.


More in this Section

No surprise if airlines collapse as winter sets in

Little drama and little joy from today’s budget


Breaking Stories

Hard Brexit a significant threat to UK motor industry, warns Ford chief

Dispute over Blackrock premises which receiver wants to sell

First-time buyers paying €157 above European average for mortgage each month

Summary judgment application against former AIB and Central Bank director struck out on agreement

Breaking Stories

Garden expert Matthew Biggs offers 5 tips to make the most of your greenhouse this autumn

As Ariana Grande and Pete Davidson allegedly split, here’s how grief can affect your relationship

Theatre review: The Nightingale and the Rose

1 year since Alyssa Milano’s first #MeToo tweet: Have things actually changed for women?

More From The Irish Examiner