A/wear tight-lipped on changes at top
Published 21/10/2011 | 05:00
Fashion retailer A/wear has refused to comment about top management changes and the departure of some of its senior executives following a deal to rescue the business.
A/wear has been sold to Hilco, a company that specialises in rescuing retail companies that are in trouble and transforming them into profitable businesses.
The high-street fashion chain had debts of €80m.
A/wear senior management purchased part of the business from the Brown Thomas group in 2007 with UK private equity company Alchemy Partners for €70m.
Details of the latest purchase have not been disclosed but it is likely the management sold their stake in the business as part of the latest deal.
This could also signal that some of them will depart from A/wear as a result of the sale.
Hilco established an office in Ireland earlier this year, which is headed by former Dunnes Stores executive, Larry Howard, who will be closely involved in what will happen at the fashion retailer.
Hilco had been in talks with A/wear's lender, Ulster Bank, which had agreed to defer loan payments for a year.
A/wear has 39 shops in Ireland, three in the UK and owes banks €34m.