Fashion retailer A|wear acquired by group of international investors, following the appointment of Receiver
16 February 2012
All 460 jobs in A|wear secured, stores continue to trade as normal.
A|wear will continue to trade as normal in the Republic of Ireland following its acquisition today by a group of international investors, headed by British businessman Michael Flacks of Flacks Group.
Jim Luby of McStay Luby was appointed as Receiver to A|wear by previous owners Hilco last night and reached agreement with the international group of investors to sell the business. The transaction will protect the jobs of the 460 full and part-time staff in the 32 A|wear stores in the Republic of Ireland, secure the long term viability of the A|wear business and ensure that Irish consumers can continue to enjoy the A|wear product offering. The terms and conditions of employees will remain the same and TUPE will apply.
All A|wear stores in the ROI will remain open for business and will trade as normal. A|wear’s suppliers will be contacted by the company over the coming days. None of A|wear’s suppliers of stock are based in Ireland, with the majority being located in China and the Far East.
The Acquirer, Flacks Group was advised by independent financial advisory firm Key Capital and solicitors A&L Goodbody on the deal. Mergers and acquisitions specialist Jack Stein also advised on the deal.
Commenting on the transaction, Michael Flacks, President and CEO of Flacks Group said: “This acquisition is a very positive development for A|wear, its employees and customers. I have been highly impressed by the strength of the A|wear brand, its excellent standing as a leading fashion retailer in this market and its potential for future growth. My colleagues and I are here to develop and grow this business, not shrink it. A|wear has been operating in a challenging trading environment and needs investment and a new strategic direction.
We see excellent potential to work with homegrown Irish designers, to develop the online side of the business and to grow the A|wear brand internationally. We have a strong team and significant financial support from our new ownership structure, which also brings with it vast international retail expertise and experience. We look forward to working with the management team and staff at A|wear and its suppliers – we have a common goal and look forward to delivering on the potential that lies ahead.”