Jane Norman Is Latest High Street Casualty

Fashion chain Jane Norman has closed its 90 stores and gone into administration, with debts of £140m.

Accountancy firm Zolfo Cooper is now seeking a buyer for the company, which was founded in 1952 and employs 1,600 people.

The retailer is the latest victim of tough conditions on the high street, following a week that saw the collapse of Moben kitchens owner Homeform and Habitat stores outside London .

Other chains including Mothercare, Comet and HMV are closing stores.

Official figures showed retail sales fell by 1.4% in value and volume last month, with analysts blaming a squeeze on take-home pay and job uncertainty for the decline.

Meanwhile, Jane Norman's core customers - aged between 16 and 25 - are a group that has experienced record high rates of unemployment in recent years.

To add to difficulties, the soaring price of cotton has forced many clothes retailers to put up prices or see margins shrink.

In addition to its standalone shops, Jane Norman also has around 100 concessions within department stores including Debenhams.

It claims to "provide young women with affordable, stylish and figure enhancing fashion".

Reports suggest Debenhams may make an offer to buy the brand and remaining stock.