LONDON, April 7 Jaeger, whose clothes were worn
by Marilyn Monroe and Audrey Hepburn, has filed an intention to
enter administration, putting some 700 jobs at risk in the
latest blow to the British retailer founded in 1884.
A person familiar with the situation told Reuters on Friday
that Jaeger had filed the notice to enter a form of creditor
protection to buy it some breathing space after investment group
Better Capital sold the retailer's debt to another company.
Jaeger, which has been linked with many major events in
British history, fell into administration in 2012 before being
bought by Better Capital. The source said that Jaeger, which
declined to comment, needed to establish the intentions of its
new debt owner and to look for alternative options.
From providing clothing for Ernest Shackleton's Antarctic
expedition, to donating blankets during the First World War and
supplying uniforms for Olympic opening parades, Jaeger is
perhaps best known for dressing some of the most famous women in
the world in the 1950s and 1960s.
But the company, known for its long woollen coats and
classic suits, has struggled in recent decades to stand out on
the British high street and has been forced to repeatedly
discount stock in a bid to prop up sales.
Earlier this week a second source confirmed that Better
Capital had sold Jaeger's debt to an unnamed company and its
directors had stepped down.
(Reporting by Kate Holton; editing by Alexander Smith)