Edinburgh Woollen Mill owner Philip Day has confirmed reports that he acquired the Jaeger brand, along with its debt, from previous owner Better Capital and will sell the brand in his new chain of department stores Days.
Days opened its first store in Carmarthen, Wales last week (in a former BHS store) and around 50 stores are planned across the UK with Bedford and Newcastle next on the list. They will sell the brands that make up the Edinburgh Woollen Mill group including Austin Reed, Peacocks, Jane Norman and Country Casuals. The business confirmed in a statement over the bank holiday weekend that the Jaeger brand was now also part of the group.
Edinburgh Woollen Mill was revealed as the buyer of Jaeger’s debt when private equity house Better Capital placed the business into administration in April, however at the time it wasn’t clear that it had also bought the brand. When rumours subsequently emerged that it had, some of the Jaeger’s former suppliers, including Portuguese clothing manufacturer Calvelex, threatened to take legal action against Better Capital after they planned to mount a rescue bid and found the brand wasn’t available for sale.
Administrators Alix Partners remain in control of the rest of the business and have closed around 20 of its 46 stores (at the time of its administration Jaeger was also sold in 60 concessions) with the fate of the remaining stores, and their staff, not yet known.
Better Capital acquired Jaeger from retail entrepreneur Harold Tillman in 2012 for £19.5m. It had previously been reported that the suppliers interested in mounting a bid for the business wanted to encourage Tillman to return to the helm of the business.
