Famed Dublin fashion retailer Alias Tom, which once put clothes on the likes of U2 and WestLife, has gone into liquidation after racking up losses of almost €1 million.
The company which has been synonymous with fine tailored suits and high-end men’s fashion for decades said it had been impacted by changing retail trends in particular “the move toward less formal workwear”.
The shop, located on Duke Lane just off Grafton Street, confirmed on Tuesday it had petitioned the High Court to wind up the business.
“Following an extensive review of the business, it was determined that the company is insolvent, and the only realistic option is for it to be wound up,” it said.
“This difficult decision was made following a period of challenging trading years – the company suffered losses of almost €1 million within the last eight years with a fall in revenue of circa 40 per cent over that time frame,” it said.
“In the current retail environment and with the existing business model, there is no prospect of stemming the losses,” it said.
Set up in 1976 by Thomas Kennedy, the shop quickly became a magnet for Dublin celebrities and was repeatedly namechecked by musicians and actors as their go-to place for clothes in the capital.
However the subsequent move away from more formal suit attire particularly in the workplace triggered a fall-off in sales, a trend compounded by the shop’s loss of brand exclusivity and the wider shift to online retail.
The pandemic turbocharged internet clothing sales further marginalising store-based retailers.
In 2000, the company was sold to business services group Kallic Ltd, which retains a 90 per cent shareholding with the remaining shares owned by Thomas Kennedy.
“Alias Tom’s business has been impacted by changing retail trends – the move toward less formal workwear, increased hybrid working, the increased use of online retailing as well as the loss of exclusivity on its premium brands,” it said.
“The challenges the business was facing was further exacerbated by Covid 19 as well as by the transition of the Duke Street location from retail to hospitality, further reducing shopper footfall in the vicinity,” it said.
The High Court on Tuesday afternoon approved an interim liquidator for the business.
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