Edinburgh Woollen Mill has snapped up the Jane Norman brand, 33 standalone stores, the stock from all 94 outlets and its UK concessions and some of its overseas concessions in a pre-packaged administration deal.
Administrator Zolfo Cooper has also arranged a “transitional services agreement” with Edinburgh Woollen Mill for a further 28 stores and a number of concessions, which it says will allow parties time to consider their future.
Jane Norman’s Debenhams’ concessions will continue to trade as normal for now with a view to the administrator also securing a sale of these as well, but the remaining 33 stores will close.
The deal will safeguard 396 jobs out of 1,600 at Jane Norman.
Zolfo Cooper partner Alastair Beveridge said: “It has been an exacting time for the company, which has a substantial amount of debt. We are pleased to have ensured the survival of such a familiar presence on the high street, while securing the jobs of at least 366 Jane Norman employees.
“Unfortunately, the sale has resulted in job losses, which we appreciate is difficult news for those involved. We would like to thank them for their professionalism and support during what has been an uncertain time.”
Jane Norman went into administration yesterday (June 27) after suffering from “severe cash flow difficulties”.