Struggling premium retailer Jaeger is expected to go into administration, putting almost 700 jobs at risk, it has been reported.
The Sunday Times wrote yesterday that the business is likely to be bought by Philip Day’s Edinburgh Woollen Mill. It said it is likely that most stores would close and the Jaeger brand would be sold through concessions and online.
A spokeswoman for Jaeger said it would not be commenting on possible administration but added: ”Jaeger has made good operational progress and is performing on a much stronger trajectory. The business now needs scale and further resource to grow; this is the right time for a new strategic investor.”
The retailer closed three stores in the first quarter of 2016, including its 27,500 sq ft Regent Street flagship.
Sales fell 6.8% to £78.4m in the 12 months to 27 February year on year – down 4% on a like-for-like basis. However, its operating losses narrowed by 19% to £6.6m.