Mon, 27 Jun 2011 | ADMINISTRATION
Three weeks after being put on the market, troubled clothing retailer Jane Norman has just been placed into administration and faces being sold though a pre-pack administration deal.
The fashion retailer closed its 90 stores on Sunday 26th June. It also has several concessions in Debenhams’ stores. About 1,600 jobs are at risk of being lost.
Zolfo Cooper was put on standby over the weekend to manage the potential pre-pack administration.
Interested parties Debenhams and Warehouse-owner Aurora Fashions still appear to be eager to buy one part of the company rather than the whole. Debenhams are reportedly interested in securing the Jane Norman brand and stock to keep the concessions in the Debenhams stores going. An unnamed related party said it would not want to acquire the Jane Norman stores, however. Aurora, the firm behind retail brands Coast, Warehouse and Oasis, has an interest in Jane Norman’s international operations, its online business and some of its stores.
Edinburgh Woollen Mill shocked people in the industry when it came forward as an interested party last week. It targets men and women aged above 45 with its fleeces, shirts and knitwear. Jane Norman’s fashion clothing is bought by women aged between 16 and 25. It was reported that EWM was in advanced talks to buy the struggling retailer a few days ago.
Go to our previous story on Jane Norman for sale
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