Jaeger and Peacocks are the latest in a (seemingly) ever lengthening list of High Street stores who have fallen victim to the pandemic, with both stores entering administration last week.
FRP Advisory have been appointed as administrators and are seeking a sale of the businesses which they note are both "attractive brands" for a potential purchaser.
There certainly does seem to be good interest in the Jaeger brand - particularly with apparent potential for bids from its former owner, Harold Tillman as well as Mike Ashley and Torque Brands (who also own TM Lewin). However, despite its weight as a high-end clothing brand, this is not Jaeger's first experience in administration - it's current owner, Philip Day, purchased it from an administrator back in 2017.
Day is now purportedly trying to retain control of Peacocks and has sought an external cash injection in order to enable him to do this.
A sale of the brands is key (and not just for Jaeger and Peacocks shoppers) - a sale will be the best possible chance to save at least some of the 4,700 jobs and almost 500 stores across the country. Although no redundancies have yet been announced, any effort to save the brands on a long term basis will likely require a study of the profitable vs loss-making stores which will, in turn, result in job losses and store closures.
The administrators will now continue to explore the potential sale of the brands to purchasers in order to secure the best possible return for creditors. It is unlikely, however, that all debts will be paid and any creditors are almost certain to suffer losses as a result.
The insolvency of any High Street store is always sad news, but big names like Jaeger and Peacocks entering administration is particularly concerning for all those working in the sector.
Fashion chains Peacocks and Jaeger have fallen into administration, putting more than 4,700 jobs and almost 500 shops at risk.