Administrators save thousands of jobs at clothing retailer

Administrators save thousands of jobs at clothing retailer

Company voluntary arrangement saves 3,000 jobs at Hamsard 2353

Around 3,000 jobs have been saved at Hamsard 2353, which trades under the QS
and BeWise brands, after receiving approval from creditors to enter into a
company voluntary arrangement.

If there is no challenge to the arrangement during the next 28 days, the
business will revert back to the control of directors, chaired by Findlay
Caldwell.
Grant Thornton administrators will continue to deal with the disposal of the
non-core business.

‘Despite receiving over 100 expressions of interest in the group and having
issued 24 information memorandums we did not receive any other offers for the
group,’ said joint administrator Malcolm Shierson. ‘Consequently the CVA
proposal represented the best outcome to creditors. The alternative would have
been liquidation which would have meant the loss of about 3,000 jobs and
returned less to creditors than this CVA.’

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