Jaeger To Axe 233 Jobs and Close All Shops Despite M&S Deal

Jaeger To Axe 233 Jobs and Close All Shops Despite M&S Deal

Jaeger To Axe 233 Jobs and Close All Shops Despite M&S Deal. image: Pixabay

Jaeger To Axe 233 Jobs and Close All Shops Despite M&S Deal.

Administrators for Jaeger have said that 233 staff will be made redundant following the fashion brand’s acquisition by Marks & Spencer. Jaeger’s 63 stores and concession will be permanently closed after they were not bought as part of the deal.

Administrators at FRP Advisory said that 22 head office staff and 211 store staff have been made redundant as a result, although six head office staff and seven warehouse staff have been retained by the administrators to help assist them in their duties.

M&S sealed the deal on Monday to buy the brand and stock for an undisclosed amount, understood to be around £5 million after Jaeger was placed into administration alongside sister firm Peacocks in November by Dubai-based owner and retailer Philip Day.

The tycoon’s EWM Group had already called in administrators for its Edinburgh Woollen Mill and Ponden Home business earlier in November. Tony Wright, the joint administrator of Jaeger Retail Limited and partner at FRP, said: “The transaction with M&S provides a future for this well-known brand and, in competition with a number of bids, has provided the best outcome for creditors.

“Unfortunately, we will now progress with the permanent closure of the remaining store portfolio and work with the affected staff to access redundancy payment and support.” The move to buy up Jaeger fits perfectly with M&S’s new strategy of selling third-party brands, with existing tie-ups with the likes of Nobody’s Child and Ghost.


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Tony Winterburn

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