Tuesday, January 14 17:09:40
Companies trading as Carl Scarpa, today successfully exited Examinership after the High Court approved plans to secure 68 of the group's 80 jobs and the future of the of the well known retailer of high fashion ladies shoes and accessories.
Approval of the recovery proposals follows the appointment of an Examiner (Tom Kavanagh, of KavanaghFennell) at CS Calzature Ltd and Carl Scarpa (Grafton Street) Limited last October. 19 of the companies' 21 outlets will continue to trade and 68 of a total of 80 staff positions have been secured. Regrettably, two loss making stores in Blanchardstown and Belfast have closed and 12 roles have been made redundant.
Carl Scarpa's successful exit from Examinership was made possible by: creditor agreement to a Scheme of Arrangement, revised lease terms with selected landlords and new investment by existing and new investors. Customer gift cards were honoured in full.
Welcoming today's High Court decision, Carl Scarpa directors Keith and Stephen Moffitt said: "We are very grateful to our customers, creditors and staff and to Ulster Bank and our landlords whose support has been instrumental in protecting so many jobs and stores. We regret any store closures or redundancies but we believe that the new investment secured leaves Carl Scarpa well positioned to grow store and job numbers in the years ahead".