Jane Norman plunges into administration
Fashion retailer Jane Norman has plunged into administration.
The company said it had failed to find a buyer for the business after sales had plummeted.
Administrators have been appointed to the company from accountancy group Zolfo Cooper.
Debenhams and Edinburgh Woollen Mill have been linked with takeover bids for Jane Norman, which employs 1,600 people and whose clothing is aimed at 16 to 25-year-olds.
Jane Norman has debts of £140m.
Administrators have been appointed to the company from accountancy group Zolfo Cooper.
A consortium of 11 banks currently owns 80% of the business, with 20 per cent in the hands of its management.
Founded in 1952, Jane Norman also has 82 UK concessions in department stores including Debenhams branches.
In addition, the company has 90 international operations, mostly concessions, which are a mixture of company-owned and franchised businesses.