Fashion retailer A-Wear has been bought by a group of international investors, in a deal which secures 460 jobs at its 32 stores in the Republic of Ireland.
A receiver, Jim Luby of McStay Luby, had been appointed to the chain last night by previous owner Hilco.
EIGHT staff jobs at A-Wear on Main Street in Letterkenny are safe after the struggling company was bought tonight.
An agreement was reached with the group of investors, which is headed by British businessman Michael Flacks of Flacks Group. Flacks Group specialises in buying struggling retail and property assets.
A statement from the new investors said A|wear would continue to trade as normal and workers’ terms and conditions would remain unchanged.
“Every job in Ireland, including in Letterkenny, is protected by this move,” said a spokesman for the new owners.
Mr Flacks said he was impressed by the strength of the A-Wear brand and its potential for future growth. He said his team wanted to develop and grow the business, not to shrink it.
A|wear was originally owned by Brown Thomas, which sold the stores to management in 2007 in a deal backed by UK private equity group Alchemy Partners. Alchemy sold the business to Hilco in October last year.
There are 32 A-Wear stores in Ireland with 460 staff.