Carl Scarpa companies in the black after €2.4m write-off

Chain, controlled by the Moffitt family, entered examinership last year

The shoe shop chain, which is controlled by the Moffitt family, entered examinership in October of last year due to its massive boomtime rent bill.

The shoe shop chain, which is controlled by the Moffitt family, entered examinership in October of last year due to its massive boomtime rent bill.

Sat, Aug 23, 2014, 01:00

Two companies linked to the Carl Scarpa chain of 19 women’s shoe shops, which successfully exited examinership in January, retained combined profits of €515,000 in the year to the end of that month, according to their accounts.

Cs Calzature and Carl Scarpa (Grafton Street), received debt write-offs totalling more than €2.4 million arising from the examinership, according to notes in the financial statements. A further note attached to the accounts for the Grafton Street company says it was “engaged in litigation with the landlord” of the store.

“The High Court found in favour of the company against its landlord for breach of contract. There is currently a claim for damages being assessed by the court,” it said.

Cs Calzature, the linchpin entity of the group , received a debt write-off of about €2.25 million, while the Grafton Street entity received a write off of €162,000. The chain, which is controlled by the Moffitt family, entered examinership in October of last year due to its massive boomtime rent bill. A total of 68 jobs were saved, although two stores closed as part of the restructuring.