Jacques Vert, the troubled fashion group, pulled itself back from the brink of bankruptcy yesterday after announcing new financing and a wide- ranging shake up of its business. Bob Reid, the chairman, admitted the shake-up would lead to "substantial redundancies" among 900 staff.
Losses ballooned from pounds 5m to pounds 9.5m for the year to May. Littlewoods, which owns a 29.9-per-cent stake, is providing a pounds 500,000 loan and Midland Bank has increased its overdraft facility to pounds 8m. Jacques Vert is selling Grace Collection to a management buy-in team for pounds 1.6m. But the group has been forced to close the rest of the wholesale division. Problems stem from a decision to create trendier clothing ranges designed to appeal to a younger customers. The experiment flopped and the group has introduced new ranges to cater for the more mature, affluent woman.Reuse content