- Huw Hughes |
The owner of British men’s formalwear retailer TM Lewin is reportedly in talks for a potential takeover of Jaeger.
According to Sky News, Torque Brands is one of a small number of bidders for the company.
Torque Brands, which is a vehicle set up by private equity house SCP, acquired TM Lewin in June in a move that resulted in the retailer’s then-CEO Sven Gaede stepping down.
Jaeger is currently part of British retail tycoon Philip Day’s Edinburgh Woollen Mill (EWM) Group. The group earlier this month announced it is to close 50 stores - putting around 600 jobs at risk - as it teeters on the edge of administration.
The group, whose portfolio also includes brands Peacocks and Bonmarché, earlier this month filed a notice to appoint FRP Advisory as administrators in a bid to save the company amid “brutal” trading conditions.
Photo credit: Jaeger, Facebook