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Jane Norman creditors to get 7.7p in the pound

Jane Norman’s unsecured creditors, including suppliers and landlords, stand to receive £600,000 of the £7.8m owed to them when the women’s young fashion retailer collapsed into administration in June 2014 – or 7.7p in the pound.

However, the employees who lost their jobs following the closure of its stores have been paid their pay and holiday entitlements in full, according to a progress report by the administrators Grant Thornton.

Administrators were able to trade Jane Norman for 11 weeks rather than the eight weeks it originally forecast, raising an estimated £1.8m by selling off stock.

All but one of the young fashion chain’s 24 stores were closed by September 8, 2014. The Oxford Street store in London continued to trade until October.

Jane Norman’s secured creditor, Edinburgh Woollen Mill, has been paid back £7m of the £10m it was owed.

The dividend paid to unsecured creditors could change, if further claims are made. The report covered the period between the appointment of administrators on June 23 and December 22, 2014.

Readers' comments (1)

  • 7.7p - what a disgrace.

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