UK fashion brand Jaeger will permanently close all standalone shops and axe more than 200 positions, its administrators recently announced. The retailer went into administration in November last year after being hit hard by the impact of COVID-19. The administrators said they have now completed a deal for the sale of the stock and supporting marketing assets of the brand to Marks & Spencer (M&S).

However, the purchase does not include Jaeger’s 63 stores and concessions, which will be permanently closed.

FRP Advisory, which is handling the administration process, said 22 Jaeger head office staff and 211 store staff have been made redundant. The majority of staff were furloughed. The remaining six head office staff and seven warehouse employees have been retained by the joint administrators to assist them in their duties, according to British media reports.

Richard Price, managing director M&S Clothing & Home said: “We have set out our plans to sell complementary third-party brands as part of our wider Never the Same Again programme to accelerate our transformation and turbocharge online growth.”

Fibre2Fashion News Desk (DS)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.