LONDON — Fashion chain Jaeger has has entered administration after failing to find a buyer, putting 700 UK jobs at risk, according to a Retail Week report.
The struggling retailer’s directors have appointed Alix Partners to oversee the administration procedure after failing to find an appropriate buyer for the “luxury fashion” chain.
Jaeger filed a notice of its intention to appoint administrators at the High Court several days ago, and formally entered into administration on Monday afternoon.
The 133-year-old company has nearly 700 UK employees in 46 shops, 63 concessions, a head office, and a logistics centre.
Jaeger is one of a number of retailers that have struggled in the wake of the devaluation of the pound following last year’s Brexit vote. Agent Provocateur recently also fell into administration.
Peter Saville, joint administrator and managing director at Alix Partners, said in a statement to Retail Week:
“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 working with all stakeholders to do this. We will ensure that we communicate further as this process unfolds.”
The retailer’s stores and concessions will continue to trade while the chain’s future is evaluated.
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