Struggling fashion retailer Jaeger is reportedly being pushed into administration, jeopardising nearly 700 jobs and 25 stores.
The news follows a recent sales process in which its private equity owner Better Capital offloaded the chain to a mystery buyer, understood to be Edinburgh Woollen Mill.
Edinburgh Woollen Mill owner Philip Day was billed to be the chain‘s savior after Better Capital failed to turn a profit since it acquired Jaeger in 2012 for £19.5 million.
However, The Sunday Times quoted a source saying Jaeger was “unfixable” in its current state and that Day was likely to offload the brand‘s physical stores in favour of concessions and online sales.
“Edinburgh Woollen Mill has a history of buying troubled retailers and turning them around, and it’s one of the more credible bidders for Jaeger,” one source told the Press Association.
The historic brand is over 100 years old, with past models including Marilyn Monroe and Audrey Hepburn.
Despite receiving a Royal Warrant in 1910, the brand lost many of its customers during the 1980s as competition from European rivals became more popular.