12 Pamela Scott shops exit examinership processTuesday 07 May 2013 23.10
Twelve of the 24 Pamela Scott stores in Ireland have successfully exited the examinership process.
Parent company Flairline Fashion said that the 12 shops will remain open and all 137 jobs at the stores have been secured.
The company said that negotiations with its landlords have resulted in a 40% reduction in overheads since 2007.
The shops, which trade under the company name Arzac Developments, are in Dundrum, Grafton Street, Swords, Blanchardstown in Dublin, Limerick Crescent and Limerick city, Tralee, Carlow, Drogheda, Arklow, Sligo and Mahon Point in Cork.
Director of Flairline Fashions Scott Barron said: "Renegotiation of leases has been crucial to the success of the restructuring process."
He said that all 12 shops had upward-only clauses in their rent contracts.
"Subsequent to landlord negotiations as part of the examinership process, approximately 65% of these upward only clauses have been replaced and these leases are now market rent leases and can be negotiated both up and down depending on market conditions," he added.
Flairline Fashion also said that it will open a new Pamela Scott shop in Athlone this month, with another four to six new shops planned for later this year.
The company is now trading in Northern Ireland for the first time, having recently opened Pamela Scott concessions in Menary's Department store in Craigavon and Cookstown.