The joint administrators of Jaeger have announced that 233 jobs will be lost at the fashion retailer following the completion of its acquisition by Marks & Spencer.
Advisory firm FRP announced Friday that it has secured a deal for the sale of the stock and supporting marketing assets of the Jaeger brand to Marks and Spencer.
As part of the deal, Jaeger’s 63 stores and concessions will be permanently closed and are not part of the transaction.
It means 22 head office staff and 211 store staff have been made redundant. The majority of these employees have up until now been furloughed.
The remaining six head office staff and seven warehouse staff have been retained by the joint administrators to assist them in their duties, FRP said.
233 redundancies announced at Jaeger
“The transaction with Marks & Spencer provides a future for this well-known brand and, in competition with a number of bids, has provided the best outcome for creditors,” Tony Wright, joint administrator of Jaeger and partner at FRP, said in a statement.
“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.”
Jaeger, which was previously owned by Edinburgh Woollen Mill (EWM) Group, fell into administration in November along with EWM Group’s other brands, including its namesake EWM brand and Peacocks.
A week after falling into administration, Jaeger announced it would cut 103 jobs and close 13 stores and concessions.
This latest acquisition by Marks & Spencer comes following the high street giant’s announcement in May that it plans to stock more online brands, as consumers’ shift away from physical stores has been further accelerated in recent months by the pandemic.
Since that announcement, the retailer has launched partnerships with eco-conscious fashion brand Nobody's Child and vintage-style brand Ghost London.
Photo credit: Jaeger, Facebook