Jaeger has tumbled into administration leaving the future of its 680 staff and 46 stores hanging in the balance, Retail Week can reveal.
The embattled fashion chain, which filed an intention to appoint administrators last week, has drafted in Alix Partners to handle the process.
Jaeger’s stores and concessions will continue to trade as normal while all options for the future of the chain are evaluated.
As previously reported, Jaeger owner Better Capital had been attempting to sell the retailer having struggled to turn a profit since acquiring Jaeger for £19.5m in 2012.
One of Better Capital’s funds sold Jaeger’s debt instruments to an undisclosed buyer for £7m, but it failed to sell the business itself.
Peter Saville, Ryan Grant, and Catherine Williamson from Alix Partners have been appointed joint administrators “at the request of Jaeger’s directors as a result of the company being unable to attract suitable offers.”
Saville said: “Regrettably despite an extensive sales process it has not been possible to identify a purchaser for the business.
“Our focus now is in identifying an appropriate route forward and work with all stakeholders to do this.
“We will ensure that we communicate further as this process unfolds.”
Jaeger is the latest retailer to suffer amid turbulent trading conditions on the high street, as the rise of online, rising labour costs and the tumbling value of the pound following the Brexit vote all continue to bite.
Jones Bootmaker was rescued by Endless in a pre-pack administration deal last week, although its former stablemate Brantano collapsed into administration.
The value shoe retailer’s stores are now likely to be sold off in parcels, with footwear rival Shoe Zone thought to be among those eyeing its shops.
As revealed by Retail Week, 99p Stores fallen into administration last month less than two years after it was acquired by value rival Poundland, while Store Twenty One is also thought to be in talks with lenders over its quarterly rent payments.