UK fashion retailer Jaeger goes into administration
British fashion chain Jaeger has moved into administration having failed to find a suitable buyer, leaving about 700 jobs at risk.
Jaeger, which was founded way back in 1884, was bought by private equity company Better Capital in 2012 for £19.5m, as reported by The Guardian.
Better Capital had eventually put it up for sale for £30m after the fashion retailer struggled to revive its sales. However, having failed in finding a suitable buyer, the Jaeger owner had appointed administrators at Alix Partners.
Joint administrators at Alix Partners which include Peter Saville, Catherine Williamson and Ryan Grant said that there were roped in by Jaeger to handle its ailing business after it was unsuccessful to attract buyers.
The fashion retailer operates 46 stores and 63 concessions. Its head office is located in London while it has a logistics centre in Norfolk at the in King’s Lynn seaport.
Saville said: “Regrettably, despite an extensive sales process, it has not been possible to identify a purchaser for the business.
“Our focus now is in identifying an appropriate route forward and to work with all stakeholders to do this.”
As per accounts filed at Companies House, Jaeger’s sales in last year had slipped to £78.4m from £84.2m while registering a pre-tax loss of £5.4m.
Jaeger, according to the publication, is the latest addition to the growing list of retailers who have all struggled from difficult trading conditions on the high street along with the increased cost of imported materials owing to the fall of the pound value.
The fashion chain has a history of over hundred years and has been known for providing clothing for celebrities like Marilyn Monroe and Audrey Hepburn.
Image: Fashion retailer Jaeger moved into administration. Photo: courtesy of stockimages/Freedigitalphotos.net.