Marks & Spencer has completed its deal to acquire the brand and stock from Jaeger, resulting in the fashion retailer axing its roles and shutting down its store estate.
The acquisition sees M&S acquire the Jaeger brand as well as its stock and supporting marketing assets but none of the retailer’s 63 stores or staff are included in the deal.
As a result, Jaeger’s 211 store staff and 22 head office staff have been made redundant and its stores and concessions will be closed permanently.
Tony Wright, Jaeger’s joint administrator at FRP, said: “The transaction with M&S provides a future for this well-known brand and, in competition with a number of bids, has provided the best outcome for creditors.
“Unfortunately, we will now progress with the permanent closure of the remaining store portfolio and work with the affected staff to access redundancy payment and support.”
M&S’ acquisition of Jaeger follows the retailer diversifying its offer of third-party brands across its clothing and home divisions in recent months as part of its Never the Same Again transformation programme, including wholesale tie-ups with Nobody’s Child and Early Learning Centre.
Richard Price, managing director of M&S clothing and home, said the acquisition of Jaeger was a part of the retailer’s “plans to sell complementary third-party brands as part of our Never the Same Again programme to accelerate our transformation and turbocharge online growth”.
Jaeger fell into administration in November as part of the Edinburgh Woollen Mill retail group. The retailer’s former stablemates, retailer Edinburgh Woollen Mill, Bonmarche and Ponden Home, were bought out of administration this week by Purepay Retail Limited, saving nearly 1,453 jobs and 246 stores.
Purepay comprises a consortium of international investors who will inject fresh capital into the businesses, which will be led by existing management.
It is understood that Philip Day, who owns the EWM group, has loaned funds to Purepay to buy the businesses out of administration, which will be paid back over several years.