Carl Scarpa, the chain of upscale women's shoe shops, will later this month exit examinership after raising fresh funds of €590,000.
The High Court yesterday approved a rescue plan for CS Calzature and Carl Scarpa (Grafton Street), the trading companies behind the chain, who will exit court protection on January 29th.
Two of the chain’s 21 outlets will close as part of the rescue plan, with 68 of the 80 staff employed by the chain set to keep their jobs. Loss-making stores at Blanchardstown in Dublin and Belfast have closed, and the 12 staff employed have been made redundant.
The chain, which entered examinership in October with debts of about €2 million, owed €900,000 to Ulster bank, as well as a similar sum in rent arrears and property charges.
As part of the rescue approved by the court, Carl Scarpa's directors Keith and Stephen Moffitt will invest approximately €240,000 in the company. Ulster Bank will provide a further debt facility of about €147,000, while an unnamed private investor will invest about €200,000.
The Revenue Commissioners will be paid in full for all tax arrears, while secured creditors will be paid about 40 per cent of their debts. The chain’s landlords will be paid about five per cent of arrears.
“We are very grateful to our customers, creditors and staff and to Ulster Bank and our landlords whose support has been instrumental in protecting so many jobs and stores,” the directors said.
