Jane Norman falls into administration
Womens fashion retailer Jane Norman has gone into administration. The move follows the closure of the chains 90 stores over the weekend after it failed to find a buyer for the business.
Administrators from the accountancy group Zolfo Cooper have been appointed and are reported to be putting Jane Norman into "pre-pack administration" . Pre-pack administrations have attracted criticism because creditors, such as suppliers, often end up going unpaid as some of the debts are scrapped.
A number of retailers including Debenhams, Aurora Fashions and Edinburgh Woollen Mill have been reported to be interested in buying all or parts of the business.
With debts of £140 million, the chain has been struggling with poor sales and has also been affected by the rising cost of raw materials particularly cotton.
Founded in 1952, Jane Norman says it sells to "sexy, fun-loving and confident" women in the 16-25 age bracket. The business employs 1600 people and has 90 stores and concessions throughout the UK.
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