Irish fashion retailer A-wear has been acquired for an undisclosed sum by restructuring specialist Hilco Ireland.
Hilco said that its Irish arm has “provided extended working capital facilities to A-wear to facilitate the business’ financial needs”. Hilco bought the business from private equity group Alchemy.
A-wear joint chief executive Mark Naughton-Rumbo said: “This sale and the provision of additional working capital is an important step for the company, and I would like to thank all of our lenders as well as our investors, for their tremendous efforts in completing this transaction.”
The heavily indebted retailer has been mulling refinancing options in recent months. Some reports in August had indicated that it was at risk of going into examinership, although sources close to the retailer denied that this was an option at the time.
Hilco chief executive Paul McGowan UK said: “We are delighted to have this opportunity to acquire one of Ireland’s strongest retail brands and look forward to providing operational assistance to A-wear management in the months ahead as the management team seek to address current market conditions in Ireland and develop its overseas markets.”
A-wear has 39 stores throughout Ireland and three in the UK as well as an online and wholesale businesses.