Jaeger teeters on brink

JAEGER could collapse into administration as soon as next week – endangering 700 jobs.

The struggling fashion brand yesterday reportedly filed a notice of intention to appoint administrators, meaning it will be protected from creditors for ten days. This could then be followed by a formal winding up of the business.

Jaeger has been struggling with years of declining sales stretching back to the 1980s and the arrival of European competitors. Last week a mystery buyer – thought to be Edinburgh Woollen Mill’s backer Philip Day – was said to have purchased the retailer from its owner, private equity firm Better Capital, for £7m.

Billionaire Day was believed to be planning to shut most of Jaeger’s 25 stores and turn it into a brand sold in concessions and online. Jaeger was founded in 1884 by businessman Lewis Tomalin, and received a Royal Warrant in 1910.