After British fashion chains Peacocks and Jaeger fell into administration, putting 4,716 jobs at risk and joining a growing list of retailers by the COVID-19 crisis Jaeger has now said it will axe 103 jobs and shut 13 stores.
The fashion retailer said it has cut 47 in-store positions and 56 head office and distribution roles as part of a restructuring.
The chain was placed into administration last week by parent company Edinburgh Woollen Mill Group (EWM Group), which is owned by retail billionaire Philip Day.
Jaeger has reduced its stores estate to 63 outlets and concessions, and now employs 244 staff as a result.
Day hired specialists from FRP Advisory to oversee the insolvency of Jaeger and EWM Group stablemate Peacocks, which operates 423 stores with 4369 staff.
Jaeger’s online shopping operations, including its online brands Austin Reed and Jacques Vert, remain open and continue to trade.
Even before the pandemic, bricks and mortar clothing retail in Britain was facing a major structural challenge with the economics of operating stores on traditional leases proving increasingly difficult.
Peacocks and Jaeger’s fall into administration follows that of Oasis, Warehouse and Laura Ashley earlier this year.
Marks & Spencer is understood to be in ‘pole position’ to buy Jaeger, Austin Reed and Jacques Vert, according to the Mail on Sunday, who cited City sources.
Rival Next and retail mogul Mike Ashley are also thought to be potential buyers.
