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Investors acquire Irish retail business A|wear

17
Feb '12
A group of investors led by Michael Flacks of Flacks Group, which specializes in purchasing distressed retail and property assets, has acquired Irish fashion retail chain A|wear, thus securing 460 jobs at the retailer's 32 outlets.

Initially owned by Brown Thomas, A|wear stores were sold to the management in 2007 through an agreement that was supported by UK private equity group Alchemy Partners. Then in October 2011, the business was acquired by UK-based distressed restructuring specialist firm Hilco.

The new investors said business would run as usual at A|wear outlets and the terms and conditions of employees would also remain the same.

Mr. Flacks said A|wear brand has strength and there is good scope for its future growth. He said his consortium wants to develop the business.

He accepted that A|wear was operating in a difficult trading environment and it requires funding and a fresh strategic direction.

He saw a good opportunity to work with Irish designers, to expand online business and to make A|wear an international brand.

Fibre2fashion News Desk - India


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