Zolfo Cooper, has been appointed the main accountancy firm that will manage the sale of the 90 plus store chain, which was put up for sale by its banks last month after a month of turbulent sales following a period of poor performance.
Reports suggest the company may be open to a controversial sale via a controversial pre pack administration, a pre pack administration allows a company to be sold even if it has debts in excess of £140 million.
There are a number of buyers that may take interest if the situation develops including, Edinburgh mills and Debenhams.
Fashion retailers across the high streets have been hit hard the past few months as a downturn of the consumer economy combined with warm weather and bank holidays have hurt profits which in turn have made trade plummet.
According to figures made by the accountants BDO sales fell by 10.5 pc in the week ending May with that sales of clothes slumped to a disappointing 11.2 pc and footwear dropped by 5.0 pc.
Jane Norman was founded in 1952 in London. The chain used to be owned by Baugur, the Icelandic investor, and Kaupthing, the bank. Both institutions collapsed during the credit crisis and the chain is now majority-owned by a consortium of around 15 banks.
0 comments:
Post a Comment