South: Stores across the region close immediately following Jaeger collapse
Stores in Henley, Oxford, Windsor, Guildford, Amersham, Ringwood, Chichester and Winchester are among the first wave of store closures announced by administrators for Jaeger after the fashion retailer's collapse.
The clothing brand was formally placed into administration after being unable to find a buyer for the business. Restructuring firm AlixPartners was appointed to handle the process,
Joint administrators Peter Saville, Ryan Grant, and Catherine Williamson said 20 out of Jaeger's 46 stores across the UK would close imminently, affecting 165 staff.
In addition to the store closures the administrators said they have had to take "a similarly difficult but commercially necessary decision" to make a total of 44 redundancies in Jaeger’s head office and distribution function, impacting 32 and 12 members of staff respectively.
"Following consultation with all appropriate stakeholders it has become apparent that the operating costs of a number of stores are financially unviable given the companies’ difficulties. As a result, the joint administrators have made the difficult but necessary decision to commence a programme of store closures. We can confirm that all employees at these stores will be paid for the duration of the process.
"We would also like to inform all customers that gift cards continue to be honoured at Jaeger stores and that customers’ statutory rights remain unaffected. A list of stores affected is shown below," administrators said in a statement.
"We appreciate that this is a particularly unsettling time for all concerned and would like to go on record to express thanks for the commitment and professionalism shown to date by Jaeger staff."
Source: CoStar
