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The retail giant Arcadia Group, which owns several fashion stores in Limerick, has formally entered administration.
Confirmed tonight, the measure puts up to 30 jobs in Limerick at risk.
Locally, the stores it operates here at Limerick One Retail Park on Childers Road will resume operations tomorrow morning in line with the move from level 5 to level 3 of the Covid-19 measures.
These are women’s clothing stores Wallis, Dorothy Perkins, and Evans, as well as men’s clothing retailer Burton.
It is understood that about 30 employees work here, and another three at a Dorothy Perkins dealership at Shaw’s in the Crescent Shopping Center. Arcadia is controlled by retail magnate Philip Green.
In a statement, Arcadia CEO Ian Grabiner said the group will work with managers to “deliver the best possible outcome for all of our stakeholders, particularly our employed workers.”
Grabiner said the move has become necessary due to the forced closure of the firm’s fashion chain stores as a result of the Covid-19 shutdown.
Matt Smith, Deloitte’s Joint Trustee, said: “Arcadia is in the heart of the High Street and has struggled to combat the impact of Covid-19 throughout this year. Now, the effect of the lockdowns, combined with the broader challenges facing traditional retailers, has resulted in a critical financing requirement for the Group and current management. “
“Our intention is to continue to market all brands, and we look forward to welcoming customers to the stores when many of them are allowed to reopen,” he said. “We will quickly seek expressions of interest and hope to identify one or more buyers to ensure future business success. As administrators, we would like to thank all the employees, customers and business partners of the Group for their support, in what we appreciate is a difficult time ”.
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