More than 200 jobs axed after M&S deal to buy Jaeger fails to save stores
More than 200 high street jobs have been axed after womenswear brand Jaeger collapsed, resulting in the closure of its 63 stores.
Marks & Spencer has acquired Jaegers stock and marketing assets but the retailer’s stores and concessions were not part of the deal.
In total 211 store staff and 22 head office employees have been made redundant, adding to the mounting UK high street job losses during the pandemic.
The remaining six head office staff and seven warehouse workers have been retained by administrators FRP.
FRP partner Tony Wright said: “The transaction with M&S provides a future for this well-known brand and, in competition with a number of bids, has provided the best outcome for creditors.
“Unfortunately, we will now progress with the permanent closure of the remaining store portfolio and work with the affected staff to access redundancy payment and support”.
The buyout is in line with Marks & Spencer’s third-party brand strategy, which has seen it offer additional products online in a bid to boost trading.
It has begun stocking clothing from children’s brand Nobody’s Child, as well as products from Ghost and Early Learning Centre.
“We have set out our plans to sell complementary third-party brands as part of our Never the Same Again programme to accelerate our transformation and turbocharge online growth,” said Richard Price, managing director of M&S clothing & home, earlier this week.
“In line with this, we have bought the Jaeger brand and are in the final stages of agreeing the purchase of product and supporting marketing assets from the administrators of Jaeger Retail Limited.”