Hilco Ireland Sells A-Wear
The Awear brand, stores and the assets of the business in the Republic of Ireland have been sold preserving all 450 jobs.
Since its acquisition by Hilco, the Company has implemented a series of restructuring activities including a reduction in Head Office support staff as well as the negotiation of substantially improved rental terms with the vast majority of its landlords and the closure of the loss-making UK business. Hilco has provided over €3m of additional working capital to the business including almost €600,000 in the last week to ensure employee salaries could be paid.
A-Wear also made significant progress in repaying historic liabilities to both landlords and the Revenue since being acquired by Hilco with over €3m in payroll taxes and VAT having been paid in that period including the arrears of over €1.5m which were overdue at the date of acquisition.
This entry was posted on Friday, March 2nd, 2012 at 10:52 am.