Friday, August 19, 2022

700 jobs plunged into uncertainty as Jaeger begins administration process

Jaeger has reportedly filed notice of its intention to appoint administrators at the High Court, plunging the future of its 700 employees into uncertainty.

According to Drapers, the upmarket heritage retailer filed the notice on April 5.

Employees at the brand‘s estate of 25 shops were also reportedly informed of the move yesterday.

Drapers said Jaeger‘s directors filed the notice for extra time while a potential buyer works on its plan for the retailer‘s future.

The news follows a recent sales process in which Jaeger‘s owner, private equity firm Better Capital, offloaded the chain‘s debt instruments to mystery buyer at a “disappointing” £23 million write-down.

READ MORE: 700 jobs at risk as Jaeger likely to enter administration

Better Capital did not confirm who the mystery buyer was, although there is speculation it could be the Edinburgh Woollen Mill Group – although this is not been confirmed by the latter.

However, Better Capital told Drapers that it has given up control of the business.

“This is the right time for a new strategic investor to take Jaeger into its next phase of development.” It said confidentiality undertakings prevented any further disclosure,” the firm stated.

Jaeger is over 130 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 in the 1980s as competition from European rivals became more popular.

Click here to sign up to Retail Gazette’s free daily email newsletter


Please enter your comment!
Please enter your name here