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30 staff to go in Jackpot and Cottonfield sell-off

Around 30 staff at Danish brand house IC Companys have been made redundant following the sale of contemporary brands Jackpot and Cottonfield.

Last week, IC Companys sold the brands to Danish retailer Coop as part of a plan to simplify its business model.

Although it did not disclose how much the deal was worth, IC Companys chief executive Niels Mikkelsen said the company expects cash flow for the quarter to grow by around DKK30m (£3.4m) as a result.

Womenswear brand Jackpot and menswear brand Cottonfield will cease to exist as wholesale labels next year, with roughly 30 members of staff based in Denmark being made redundant.

The distribution of the brands to wholesale stockists will be “gradually phased out” by the end of the year.

Coop is in the process of finalising how many staff will be offered roles but it is thought eight to 10 staff could transfer over, mainly those involved in design, production and sourcing.

Jackpot and Cottonfield have a combined total of more than 50 standalone stores globally, which will continue to trade. An IC Companys spokesman said it was unclear if the stores would stay open longer term.

Mikkelsen said the two brands would become a “cornerstone” in Coop’s improved clothing offer.

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