A group of suppliers who claim to be owed millions of pounds following Jaeger’s demise have reportedly bought shares in former owner Better Capital in order to question shareholders about the failure of the business.
The group – led by César Araújo, owner of Portuguese textile group Calvelex, which has supplied Jaeger for more than 20 years – is calling for an independent review into the sale of the Jaeger trademark and the subsequent administration of the chain.
As previously reported by Drapers the suppliers have formally requested a creditors meeting with administrators Peter Saville, Ryan Grant, and Catherine Williamson of AlixPartners to hear their proposals for unsecured creditors.
It comes after the suppliers had submitted a bid to buy the entire Jaeger business and continue to trade it as a going concern. However, the approach was dismissed by AlixPartners as the Jaeger trademark had already been snapped up by Edinburgh Woollen Mill Group.
Jaeger went into administration on 10 April. A week later, it announced it was closing 20 stores and making 209 redundancies across its head office, distribution centre and store network.
Last month Better Capital owner Jon Moulton told Drapers his firm got the best deal available for Jaeger.