1,000 jobs at risk as Jacques Vert prepares to 'call in administrators'

Debenhams and House of Fraser will be affected by Jacques Vert's collapse. Credit: PA

A thousand high street jobs are set to be at risk as fashion brand Jacques Vert prepares to call in administrators.

Calvetron Brands, who owns Jacques Vert, has called in administrators Duff & Phelps to handle the collapse, with an official appointment due to be announced on Friday.

The womenswear concession company is considered a high street favourite in the UK, with trading from Debenhams and House of Fraser set to be affected.

They also has employees based in Ireland and Canada.

The firm bought multiple fashion brands last year as part of a pre-pack administration deal steered by KPMG.

Though 17 UK stores were shut, a significant number of jobs were saved.

Despite this, the future of Calvetron's employees hangs in the balance again as Duff & Phelps embarks upon a sale process.

Disappointing sales for brands has caused turmoil on the high street this year, with many retailers being forced to restructure or fall into administration.

House of Fraser announced earlier this week that it would be approaching landlords to seek approval for a programme of store closures using a Company Voluntary Arrangement, or CVAs.

The number of job losses is not yet known, with the proposal on how many stores will be closing due in June.

House of Fraser’s Chinese owner is looking to sell a majority sharehold in the business to international retailer C.banner, who have also promised to make a significant investment into House of Fraser.

However, to secure the investment and sale, House of Fraser is expected to restructure its property portfolio.

Other major retailers such as Carpetright, New Look and Poundworld have also either secured or are pursuing CVAs.

Toys R Us, Maplin and Warren Evans have also fallen into administration, resulting in thousands of jobs losses.