By guest author Sahar Nazir from Retail Gazette
- M&S completes Jaeger deal for undisclosed sum
- It has acquired Jaeger stock and supporting marketing assets from administrator FRP Advisory
- Administrators were appointed to Jaeger’s owner, Edinburgh Woollen Mill Group in November
Marks & Spencer has reportedly finalised its purchase of Jaeger, out of administration, which has led to 233 redundancies.
The retailer confirmed the acquisition of Jaeger stock and supporting marketing assets from administrator FRP Advisory, Drapers reported.
The administrators were appointed to Jaeger’s owner, Edinburgh Woollen Mill Group in November.
A week after Jaeger first went into administration, it axed 103 jobs and shut 13 stores. The jobs cut comprised of 47 in-store positions and 56 head office and distribution roles.
The decision reduced Jaeger’s store estate to 63 shops and concessions, and 244 staff.
Jaeger’s intellectual property was sold to M&S on Monday, January 11, 2021. The amount paid but it is understood to be around GBP 5 million.
The deal does not include Jaeger’s 63 stores and concessions. As a result, all 211 store staff have been made redundant, as well as 22 head office staff.
The remaining six head office employees and seven warehouse staff have been retained to assist the administrators.
M&S is set to retain Jaeger under its third-party banner, instead of integrating it fully into the business.
The focus will be on its online channel, but the retailer may consider selling the brand in some larger-format stores.