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Jane Norman up for sale

Jane Norman has been put up for sale, according to reports in the Telegraph.

The sale process is thought to be being led by Pricewaterhouse Coopers and an information memorandum has been sent out to potential buyers.

Department store group Debenhams, which has Jane Norman concessions in some of its stores, is one name that has been mooted as a potential front-runner to rescue the chain.

In April of this year Jane Norman kicked off a radical overhaul of its product and image to target a younger, trend-savvy shopper following the appointment of Ian Findlay as managing director after chief executive Saj Shah took early retirement from the business in February.

In the year to March 27, 2010, profit stabilised at Jane Norman with EBITDA at £15.3m. It followed a halving of EBITDA to £15.8m the previous year.

In January 2010, a syndicate of 15 lenders took over 80% of the business which was previously owned by Icelandic investors Baugur and Kaupthing and restructured Jane Norman’s debts of almost £136m. Management retained a 20% stake.

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