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Women's apparel retailer Jane Norman seeks administration
29 Jun '11
1 min read
Jane Norman, the UK-based women's apparel company, has been put into administration. The retailer has closed all of its 90 stores after failing to find a buyer. This move has put about 1,600 UK employees of the company at a risk of losing their job.
Accountancy firm Zolfo Cooper has been appointed as the administrator for the company, which caters to women in the age group of 16 to 25.
The administrator will try to find a buyer for the retail chain. The sale process would be quickened now as a part of the company's £140m (€157.5m) debts may be scrapped, due to the firm going into administration.
Jane Norman, established in London in 1952, has become the latest retail chain to go into administration owing to less consumer spending, increase in price of raw materials like cotton, and a rise in VAT from 17.5 percent in January this year to 20 percent now.
Accountancy firm Zolfo Cooper has been appointed as the administrator for the company, which caters to women in the age group of 16 to 25.
The administrator will try to find a buyer for the retail chain. The sale process would be quickened now as a part of the company's £140m (€157.5m) debts may be scrapped, due to the firm going into administration.
Jane Norman, established in London in 1952, has become the latest retail chain to go into administration owing to less consumer spending, increase in price of raw materials like cotton, and a rise in VAT from 17.5 percent in January this year to 20 percent now.
Fibre2fashion News Desk - India
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