Jaeger's administrator to close 'financially unviable' stores

(c) Sky News 2017: <a href="http://news.sky.com/story/jaegers-administrator-to-close-financially-unviable-stores-10842451">Jaeger's administrator to close 'financially unviable' stores</a>
 

Administrators are to close 20 "financially unviable" Jaeger stores as part of cost-saving plans that will result in more than 200 job losses.

AlixPartners was appointed to oversee the administration process following the fashion chain's financial collapse last week after failed sale attempts by the company's private equity owner, Better Capital.

It said on Tuesday that 209 people out of the workforce of 680 would be affected by the decisions - 165 of them in the stores to be shut with the rest in head office and distribution roles.

The statement read: "Following consultation with all appropriate stakeholders it has become apparent that the operating costs of a number of stores are financially unviable given the company's difficulties.

"As a result, the joint administrators have made the difficult but necessary decision to commence a programme of store closures.

"We can confirm that all employees at these stores will be paid for the duration of the process."

Jaeger - which currently has 46 stores, 63 concessions, a London head office and a logistics centre in Kings Lynn - had been on the market for around £30m before it collapsed.

Better Capital had earlier sold Jaeger's debt to a company understood to be controlled by the retail billionaire Philip Day, who heads up Edinburgh Woollen Mill which includes the Austin Reed and Jane Norman brands.

The stores to be closed:

:: Amersham

:: Belfast

:: Beverley

:: Bluewater

:: Cambridge

:: Canary Wharf x 2

:: Cheshire Oaks

:: Chester

:: Chichester

:: Edinburgh

:: Guildford

:: Henley

:: Oxford

:: Ringwood

:: Stratford upon Avon

:: Truro

:: Wilmslow

:: Winchester

:: Windsor

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