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More churn at Jaeger as turnaround continues

Jaeger’s omnichannel director Caroline Lee has exited the business and its chief financial officer Harminder Atwal is in the process of leaving, as its turnaround continues.

Lee was promoted from her post of chief operating officer to omnichannel director in April last year, taking responsibility for all customer channels, including ecommerce, standalone retail stores, wholesale, outlets and international.

Atwal joined the business in June 2014 from Mothercare, where he was director of finance.

“We would like to thank Caroline Lee and Harminder Atwal for their contribution to the company and wish them every success for their respective futures,” said a Jaeger spokeswoman.

“The process to fill their roles is well underway and Jaeger is making encouraging progress in its transformation plans with the full support and assistance of [the brand’s private equity owner] Better Capital.”

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

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.

Drapers revealed Jaeger closed three loss-making stores in the first quarter of 2016, including a store at Westfield Stratford.

 

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