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Jaeger tipped for administration

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.

Jaeger has been hit by a string of departures over the past 12 months, including trading director Gwynn Milligan, product director Liza Canneford-Webb and retail director Anita Lyons.

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.

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Readers' comments (2)

  • It's not ready for scale. Outflanked by competitors. Sunk.

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  • Better Capital in the Parliamentive.tv.

    http://www.parliamentlive.tv/Event/Index/7d220cdc-4d5b-42f9-be1f-b080f352d86e

    “There are too many pre-pack deals around. We need to enhance our morals and ethics in business in this country.”

    UK government should review insolvency laws to provide a more “ethical, moral and level playing field”, which gives all creditors access to information and the opportunity to have an input in the future of a company in administration.

    “Suppliers are often left with nothing and it is completely unacceptable,” “The law needs to change. It is affecting people’s jobs and livelihoods.”

    Is “increasingly difficult” for suppliers to do business with British retailers without running the risk of losing money due to firms falling into insolvency.

    César Araújo

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