UK fashion retailer collapses with 1,408 jobs at risk

LONDON: British clothing retailer Calvetron has collapsed into administration, the group said Friday, placing more than 1,400 jobs in peril amid tough times on the UK high street.

The group, whose history dates back to 1972 when it was founded by two east London tailors, currently has 997 staff in Britain plus 256 in Canada and 155 in Ireland.

Calvetron -- which owns clothing brands Jacques Vert, Precis, Eastex and Dash and has 300 stores -- said in statement that it has appointed administrators Duff & Phelps.

Calvetron chief executive Peter Ridler added that it suffered from "a backdrop of extremely difficult trading conditions on the high street, rising costs and low customer confidence".

Administration is the process whereby a troubled company calls upon independent expert financial help in an attempt to remain operational.