Peter Saville, Ryan Grant and Catherine Williamson of AlixPartners have been appointed joint administrators to the upmarket fashion chain Jaeger, which has failed to find a buyer after an extensive search and has now collapsed, putting 680 jobs at risk
The firm’s appointment covers Jaeger, Jaeger Shops, Jaeger Company’s Shops, and The Jaeger Co.
Peter Saville, managing director at AlixPartners and joint administrator, said. ‘The appointment was made at the request of Jaeger's directors as a result of the company being unable to attract suitable offers despite a lengthy and well-publicised sales process.’
‘Our focus now is in identifying an appropriate route forward and to work with all stakeholders to do this.’
Jaeger employs approximately 680 staff across its 46 stores, 63 concessions, head office in London and logistics function in Kings Lynn.
Private equity firm Better Capital bought Jaeger for £19.5m in 2012, and has been trying to find a buyer for a reported price of £30m.
Jaeger was founded in 1884 by a London accountant, Lewis Tomalin, who was head of finance at a large City grocer. Tomalin was inspired by the views of Dr Gustav Jaeger, a German professor of zoology and physiology, who claimed people would be healthier if they wore clothing made from animal hair and wool rather than from cotton, as this would help get rid of noxious vapours.
His first shop was based near Moorgate and called Dr Jaeger’s Sanitary Woollen System. Early fans were writers Oscar Wilde and George Bernard Shaw, as well as the explorers Ernest Shackleton and Captain Robert Falcon Scott. Subsequently, Jaeger changed focus in the 1930s to become a fashion brand.
