FASHION retailer Jaeger has fallen into administration – with the doable closure of 48 shops and the lack of 680 jobs.
Designs by the costly excessive road chain are sometimes worn by the Duchess of Cambridge, in addition to Samantha Cameron and Kate Moss.
Jaeger’s shops and concessions will proceed to commerce as regular, whereas the long run’s chain is determined, Retail Week mentioned.
The troubled trend agency has appointed insolvency agency Alix Companions to deal with the administration course of following failed makes an attempt by the corporate’s non-public fairness proprietor, Higher Capital, to promote the struggling enterprise.
Nonetheless, no purchaser materialised and final week Higher Capital offered Jaeger’s debt to an organization understood to be managed by the retail billionaire Philip Day, who heads up Edinburgh Woollen Mill.
A press release by AlixPartners defined that the request was made after Jaeger was “unable to draw appropriate gives regardless of a prolonged and well-publicised gross sales course of.”
Insiders now anticipate most of Jaeger’s shops to shut down, though the model is prone to survive as a part of the Edinburgh Woollen Mill steady, which additionally consists of Jane Norman, Peacocks and Austin Reed.
Joint administrator Peter Saville, of AlixPartners, mentioned: “Regrettably regardless of an intensive gross sales course of it has not been doable to establish a purchaser for the enterprise.
“Our focus now’s in figuring out an applicable route ahead and work with all stakeholders to do that. We are going to make sure that we talk additional as this course of unfolds.”
Higher Capital, which is headed up by non-public fairness baron Jon Moulton, acquired Jaeger for £19.5 million in 2012, however the agency has struggled below tough circumstances for high-street trend retailers.
Final 12 months the agency mentioned that whole annual gross sales fell from £84.2 million to £78.four million, whereas it booked a pre-tax lack of £5.four million, in keeping with accounts filed at Firms Home.
Jaeger was based in 1884 by businessman Lewis Tomalin.
The British model began in 1884 and in its heyday its designs had been worn by many well-known faces, together with Marilyn Monroe and Audrey Hepburn.
Promoting campaigns for the model have been fronted by fashions equivalent to Erin O’Connor and Jodie Kidd.
It’s the newest retailer to endure on the excessive road. Final week, Jones Bootmaker was rescued from the brink of failure, whereas price range shoe store Brantano filed for administration.
Earlier this 12 months, Poundland positioned its 99p Shops model into administration, blaming a bunch of unprofitable shops for the closure.
In November final 12 months, American Attire introduced the closure of all UK retailers after falling into administration.