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.