Embattled fashion retailer Jaeger has fallen into administration after a lengthy sales process failed to secure a buyer.
After having announced its intention to enter administration to the High Court last week, the 133-year-old retailer failed to find investors willing to save it.
Despite rumours that the Edinburgh Woollen Mill Group was poised for a purchase, Jaeger’s tip into administration now puts 700 jobs across 43 stores at risk.
Last month Jaeger’s owner private equity firm Better Capital offloaded the chain’s debt instruments to mystery buyer, thought to be Edinburgh Woollen Mill, at a “disappointing” £23 million write-down.
Better Capital bought the company in 2012 for £30 million and failed to turn around falling sales as competition from fast fashion high street chains ate into its market share.
“Regrettably, despite an extensive sales process it has not been possible to identify a purchaser for the business,” joint administrator Peter Saville said.
“Our focus now is in identifying an appropriate route forward and (to) work with all stakeholders to do this.”
Jaeger has won the praise of many key figures since its inception in 1884, including the Duchess of Caimbridge and celebrities like Marilyn Monroe and Twiggy.