LONDON — Alix Partners Services, the global consulting firm, has confirmed its appointment as the administrator for the troubled British heritage label Jaeger.
After failing to find a suitable buyer, the company’s directors appointed Alix Partners’ Peter Saville, Ryan Grant, and Catherine Williamson as joint administrators.
“Regrettably, despite an extensive sales process, it has not been possible to identify a purchaser for the business. Our focus now is in identifying an appropriate route forward and work with all stakeholders to do this,” said Saville.
The company will continue to trade during the administration process, which will put about 680 jobs at risk, from across its 46 stores, 63 concessions, London head office and logistics function.
The company filed its intent to appoint administrators last Friday, after its owner, the private equity firm Private Capital, sold Jaeger’s debt for 7 million pounds, or $8.7 million. The sale left Private Capital with a 62 million pound, or $77 million, loss.
Edinburgh Woollen Mill is said to have bought the debt from the private equity firm and was among the top contestants to buy the retailer out of administration.
Jaeger was founded in 1884 and became one of the U.K.’s best-known fashion brands in the late Fifties and Sixties when it was designed by iconic British designer Jean Muir and used models and photographers like Jean Shrimpton and David Bailey. But its classic shapes fell out of fashion beginning in the Nineties and the company was never able to get back on the growth path despite tapping designers such as Bella Freud. There also was often a disconnect between the new, updated image it had tried to project and its core clientele, which continues to consist of women in their 40s, 50s, 60s and 70s.
It follows other British labels on the high street, including men’s retailer Austin Reed and British Home Stores, which fell into administration last April.