Retail news round-up: Jaeger's creditors invited to join committee, and card payment increases in the UK.
Jaeger’s creditors invited to join consultative committee
Jaeger’s administrators have decided to form an informal consultative committee to keep the conversation open with the firm’s unsecured creditors, Drapers reported.
The move comes after a meeting for unsecured creditors on June 30.
AlixPartners, administrator of Jaeger, confirmed the news, but declined to comment further.
Cards replace cash in retail purchases
Card payment accounts for more than half of retail purchases in the UK, according to data from the British Retail Consortium (BRC).
During 2016, about 10.3 billion transactions were made on debit, credit or charge cards, relating to a 54% share of all retail payments.
The report suggests 8.1 billion retail transactions were made with debit cards last year.
Cash payments accounted for 42.3% of transactions by volume.
The average purchase on cards decreased to £25.40 in 2016 from £30.53 in 2013, displaying that cards are increasingly used for lower-value transactions, owing to an increase in their acceptance and use of contactless payments.