Fashion chain Jaeger into administration after failed sale process
Fashion chain Jaeger, which has two stores in Northern Ireland, has collapsed into administration.
The upmarket retailer has a shop in Belfast's Arthur Street, as well as a discount store in retail park The Outlet in Banbridge, Co Down.
It's understood around a dozen people work across both shops, although its total UK workforce is around 700.
The Duchess of Cambridge is one of the label's most famous champions, and wore a yellow Jaeger shirt dress on a Diamond Jubilee tour of the Far East in 2012.
The group's directors have appointed AlixPartners to oversee the process following failed attempts by the company's private equity owner, Better Capital, to sell the struggling business. Jaeger - which employs around 680 staff across 46 stores - had been on the market for around £30m.
However, no buyer materialised and last week Better Capital sold Jaeger's debt to a company understood to be controlled by the retail billionaire Philip Day, who heads up Edinburgh Woollen Mill.
Insiders now expect most of Jaeger's stores to close down, although the brand is likely to survive as part of the Edinburgh Woollen Mill stable, which also includes Jane Norman, Peacocks and Austin Reed. Edinburgh Woollen Mill has been tipped to operate the brand online, and as concessions inside department stores.