Wed, 25 Jun 2014 | ADMINISTRATION
Women’s fashion clothing seller Jane Norman has put its 24 stores into administration, marking the retailer’s second spell in insolvency within three years.
Alistair Wardell, Les Ross and David Riley from Grant Thornton were drafted in as the joint administrators to the troubled business yesterday (24 June).
Jane Norman is to operate its online and international concession stores as normal and will endeavour to keep its high street shops open for as long as possible before a close-down, affecting 157 jobs.
Administrator Mr Ross said: “We intend to continue trading the stores for as long as possible with a view to achieving the best outcome for all concerned, in particular those people based in the stores. It is likely, however, that store closures are inevitable.”
A spokesman for Jane Norman added: “Like many retailers, we have seen extremely challenging conditions on the high street for several years in what is a very competitive sector in young fashion.”
Retailer and owner of Peacocks, another fashion brand, Edinburgh Woollen Mill purchased a third of the fashion chain in a 2011 pre-pack arrangement from Jane Norman’s previous administrators at Zolfo Cooper.
Edinburgh Woollen Mill cited being unable to support the 24 under-performing stores in the UK and Ireland as the reason for the push into administration.
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Jane Norman fashion retailer in administration
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