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Jean Jones may soon find a buyer, says receiver
20
May '11
Sale of Jean Jones', a national women's clothing chain would most probably be finalized soon, receiver of the firm said.

The firm which operates 10 outlets across the country and which had earlier closed down 10 stores, was put under receivership in last October, due to its inability to clear debts which had risen to $2.9 million.

Receiver Murray Frost revealed that, a conditional deal for the firm's sale has already been struck, while an unconditional deal is also likely to be closed within few days.

He stated that, he had been bargaining the deal with the prospective buyer for around three months. Originally, around eight parties had expressed interest in buying the chain.

Murray said that, the deal would include all the 10 operational outlets and probably the entire staff would be retained.

Fibre2fashion News Desk - India

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