TWELVE OUT OF 24 Pamela Scott stores in Ireland have successfully exited examinership today, saving 137 jobs.
The company says renegotiating leases has been “crucial” to exiting the examinership and has led to a 40 per cent reduction in overheads across the board since 2007.
“Around 65 per cent of upward only rent clauses have been replaced and these leases are now market rent leases and can be negotiated both up and down depending on market conditions,” said Scott Barron, Director of Flairline Fashion, the parent company of Pamela Scott.
The stores that have been saved are: Dundrum, Grafton St, Swords, Blanchardstown, Limerick Crescent, Tralee, Carlow, Drogheda, Arklow, Sligo, Mahon Point in Cork and Limerick City.
The company also announced the new opening of a Pamela Scott store in Athlone this month, with a further four to six additional Pamela Scott store openings to be announced later this year.
It also announced that Pamela Scott is for the first time now trading in the North of Ireland having recently opened four store concessions.