EDINBURGH Woollen Mill has snapped up the women's fashion chain Jane Norman brand, 33 stand-alone stores, the stock from all 94 outlets, as well as its UK concessions and some of its overseas concessions in a pre-packaged administration deal that will safeguard nearly 400 jobs.
Administrator Zolfo Cooper has also arranged a “transitional services agreement” with Langholm-based Edinburgh Woollen Mill for a further 28 stores and a number of concessions, which it says will allow parties time to consider their future.
Jane Norman, which caters for 15 to 25-year-old women, collapsed into administration earlier this week, marking another victim of the downturn in high street consumer spending.
Zolfo Cooper said it had been an “exacting time for the company” which had been burdened with substantial debts.
UK retailers, particularly those selling non-essential items, have been struggling as consumers grapple with rising prices, subdued growth in wages and Government cutbacks.
The deal with Edinburgh Woollen Mill will save 396 jobs out of 1600 at Jane Norman.
Zolfo Cooper said Jane Norman’s Debenhams’ concessions will continue to trade as normal for now, with a view to the administrator also securing a sale of these as well.
However, the administrator said there had been no interest in the remaining 33 stores, which will close.
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