What does it mean for jobs?
High end fashion chain Jaeger has gone into administration after failing to find a buyer for its business, with a rumoured price tag of £30m.
The decision is putting 680 employees across 46 stores and 63 concessions at risk.
Jaeger has struggled with falling sales over the past few years, despite being bought by private equity company Better Capital in 2012.
It’s believed it relied too much on discounts and sales, and struggled to compete with other high street stores.
Last year, Jaeger’s sales fell from £84.2m to £78.4m, with a £5.4m pre-tax loss.
There are rumours that clothing retailer Edinburgh Woollen Mill, which owns Jane Norman and Peacocks, is interested in the business.
This could potentially mean they keep certain stores open, but nothing is certain at this stage.
In a statement, administrators Alix Partners said, ‘Regrettably, despite an extensive sales process, it has not been possible to identify a purchaser for the business. Our focus now is in identifying an appropriate route forward and to work with all stakeholders to do this.’
Jaeger was first launched in 1884 as Dr Jaeger’s Sanitary Woollen System Co Ltd and at the time specialised in clothing made of animal hair, wool and fleece, which were worn by the explorer Ernest Shackleton to the Antarctic.
It evolved into a premium brand, and in the 50s and 60s, the likes of Audrey Hepburn, Marilyn Monroe and Twiggy were customers.
More recently, the Duchess of Cambridge was spotted wearing their designs.
