A brand that once dressed some of the most iconic names on the planet, Jaeger has unfortunately found itself falling on harder times since the days of dressing the likes of Audrey Hepburn and Marilyn Monroe.
With a history of cutting edge fashion, Jaeger fell behind the times and never seemed to be able to get back on the height of the trends market thanks to the rate at which they continued to progress on a competitive high street.
With the brand trying to find a buyer that would be able to take the brand forward but failing, the fashion house was forced into taking further action, the brand confirming that last Friday they filed an intention to appoint administrators in a bid to protect themselves against creditors for a 10 day period as they looked towards appointing suitable administrators.
Although the brand was placed for sale, no interest buyer proceeded into deeper discussions about the purchase and a mystery buyer swooped in to purchase the debts that the brand had looming over them, buying the debts for a reported £7m from Better Capital, a private equity firm.
Questions have been raised about the intentions of the mystery buyer, however with the debts now owned by them, they would be placed into a strong position once the administration process is activated on the appointment of a firm to oversee negotiations.
The £7m purchase means that the mystery buyer will be the brand’s bigger creditor and will allow them to make key decisions as the administration process begins in the coming days.
Speculation as to who the mystery buyer could be are already circulating, however have not been able to be confirmed but Edinburgh Woollen Mill owner Philip Day has been rumoured to be the most likely suitor due to his history of dealings of this nature after he bought Austin Reed while they too were placed into the administration process.
While there are possible signs that Jaegar may be able to fight another day, as the situation stands at the moment there are potentially 700 jobs on the high street at risk and even if a deal is done for the clothing brand it is unknown how many of those jobs would be able to be saved.