Jane Norman, the women’s fashion retail chain, has closed the doors of all 89 stores. The chain store has been unsuccessful in finding a buyer and Zolfo Cooper, the accountancy group, has been appointed Administrator.
The retailer has a staff exceeding 1550 and caters for the 16 to 26 year old age group. Both Edinburgh Woollen Mill and Debenhams have been linked to a takeover of Jane Norman. The Company has experienced poor trade lately and has debts in excess of £139m.
The business is presently owned by a group of Banks who hold 80% of the shares while Management holds 20%. Jane Norman was founded in the early 1950’s and has 82 concessions in various department stores including Debenhams. The Company also has mixed international concessions consisting of franchised and company owned businesses.
Zolfo Cooper proposes to place Jane Norman into a simple type of administration whereby a possible buyer can gain control shortly after administration has been formalised. Creditors have yet to be paid and Zolfo Cooper has been severely criticised for this. Jane Norman is the latest in the growing list of casualties on the high street, joining HomeForm and Habitat who closed all, but three, of their stores.