Jaeger goes into administration
19-Apr-2017Update: 19/04/2017 - 20 loss-making stores will close, resulting in 209 redundancies along with 32 from head office and 12 from distribution centres. Please see our video below on employee rights in an insolvent company.
Update: 11/04/2017 - Joint administrators, Peter Saville, Ryan Grant and Catherine Williamson, from AlixPartners have been appointed administrators to the retailer after failing to find a buyer.
In a statement, joint administrator Peter 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 work with all stakeholders to do this. We will ensure that we communicate further as this process unfolds". Reports suggest a number of stores will close while Edinburgh Woollen Mill will buy a part of the business.
03/04/2017 - The fashion retailer is on the brink of administration, putting 700 jobs over 25 stores at risk.
It is understood that a mystery buyer, thought to be Edinburgh Woollen Mill, will buy Jaeger from its private equity owner, Better Capital. It is likely the loss-making 25 stores will close while the retailer focuses on online sales.
Founder of Better Capital, Jon Moulton, said to City AM earlier in the year that heavy discounting is causing problems for some retailers and damaging the brands.
Founded 100 years ago, celebrities like Marilyn Monroe and Audrey Hepburn have modelled Jaeger which received a Royal Warrant in 1910.
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.