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Jaeger to close three loss-making stores

Jaeger is to close three loss-making stores in the first quarter of 2016, including a store at Westfield Stratford tomorrow.

The company is also closing two outlet stores but declined to reveal the locations. By the end of next month it will have a portfolio of 27 mainline stores, 22 outlets and 69 concessions.

A Jaeger spokeswoman said: “In line with our strategy announced in 2013, we are closing a small number of loss-making stores and outlets and relocating to locations more suitable for the brand.

“We have made strong progress with this strategy in 2014 and 2015, exiting a number of loss-making stores while opening new stores in Chelsea, Belfast and Edinburgh. We expect to close the financial year in February 2016 with 49 locations and store numbers are expected to remain at around 50 over the medium term.”

Jaeger sold the lease at its 27,500 sq ft flagship store at 200-206 Regent Street to US lifestyle brand Coach at the end of last year.

Employees at the impacted stores have been informed of the changes.

In January, Jaeger’s owner Better Capital refused a number of offers to buy the chain because they were too low. Better Capital has ploughed a total of £66m in Jaeger since it bought the chain from Harold Tillman in April 2012.

The retailer was valued at £37m as of September 30 2015, up from the £30m valuation at the end of March 2015, but down from the £50m valuation for the same period in 2014. In November last year, Better Capital described Jaeger’s trading as difficult.

 

 

 

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