Economy

Retailer Jaeger goes into administration

Retailer Jaeger goes into administration

It had been reported that Edinburgh Woollen Mill would buy Jaeger out of administration and transform it into a concession and online-only brand.

After having announced its intention to enter administration to the High Court last week, the 130-year-old retailer failed to find investors willing to save it.

The fashion chain Jaeger collapsed into administration on Monday, putting 700 high street jobs at risk.

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The company has failed to turn a profit since private equity veteran Jon Moulton's Better Capital bought the firm for £19.5m in 2012.

Jaeger has won the praise of many key figures since its inception in 1884, including the Duchess of Caimbridge and celebrities like Marilyn Monroe and Twiggy.

The business has 46 stores, 63 concessions, a London head office and a logistics centre in King's Lynn, Norfolk. 'The appointment was made at the request of Jaeger's directors as a result of the company being unable to attract suitable offers despite a lengthy and well-publicised sales process'.

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Jaeger, which has around 25 standalone stores, was founded in 1884 by businessman Lewis Tomalin.

The Guardian says it is believed that most of Jaeger's stores will be closed down but the brand itself will continue as part of the Edinburgh Woollen Mill's stable of fashion brands, which includes Jane Norman, Peacocks and Austin Reed.

Jaeger is one of a number of retailers that have struggled in the wake of the devaluation of the pound following last year's Brexit vote. Past year total annual sales at Jaeger fell 7% to £78.4m and it posted a pre-tax loss of £5.4m.

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Earlier this year, Better Capital hired Alix Partners to flush out interest from potential partners or to find a buyer.


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