Jaeger begins store closures and redundancies
Jaeger, which has been placed into administration by its parent Edinburgh Woollen Mill Group, is to close 13 stores and make 100 redundancies.
Administrators from FRP Advisory have revealed that the following stores will be close permanently: Banbridge, Bideford, Birmingham (Great Western Arcade), Bourton-on-the-Water, Braintree, Bury St Edmunds, Castleford, Hatfield, Marlborough, Newcastle (Fenwick), Salisbury, Sterling Mills and Talke.
As a result 47 Jaeger store roles will be lost, along with 33 head office and 23 distribution centre roles. Staff have been paid up to date, any further claims will be made through the Redundancy Payments Service.
FRP Advisory has said the search for a buyer will continue while the restructuring is underway.
Tony Wright, Joint Administrator of Jaeger Retail Limited and Partner at FRP, said: “We continue to hold discussions with interested parties regarding a possible sale. Regretfully, redundancies have been made across a number of head office and store roles. We’re working with staff to support them and help make any claims to the Redundancy Payments Service.”
Jaeger now employs 244 staff and operates 63 stores and concessions. Its e-commerce site, which includes its online brands Austin Reed and Jacques Vert, continues to trade.
Edinburgh Woollen Mill Group placed Jaeger and its value fashion chain Peacocks into administration earlier this month. Prospective buyers, including Mike Ashley's Frasers Group and former Jaeger owner Harold Tillman had been circling. It has also emerged that Marks & Spencer had held talks with a view to acquiring Jaeger, though the outcome of those talks is not yet known.
The group's owner Philip Day had also been attempting to fashion a deal to buy Peacocks with the backing of New York hedge fund Davidson Kempner.
The Edinburgh Woollen Mill chain itself had already been placed into administration with the likely permanent closure of all of its stores. The brand had been hit hard by the pandemic as its more mature consumer stayed home and the tourism industry collapsed.