Fashion chains Jaeger and Peacocks fall into administration

Jaeger, which has an outlet on Lynn's Hardwick Industrial Estate, has been placed into administration alongside Peacocks fashion chain.

Lynn's Peacocks store in Broad Street failed to reopen after the first lockdown. Peacocks also has a store in Downham.

The fact that Peacocks and Jaeger have fallen into administration, now means that more than more than 4,700 jobs and almost 500 shops at risk.

The move comes after owner Edinburgh Woollen Mill (EWM) failed to find a buyer for both businesses. It was reported last month that EWM was close to collapse with 24,000 jobs in the balance, according to documents filed with the High Court.

At present no redundancies have been announced with regard to Peacocks or Jaeger and no stores closed.

Tony Wright, joint administrator of the business from FRP Advisory, said talks with potential buyers were still going on.

"Jaeger and Peacocks are attractive brands that have suffered the well-known challenges that many retailers face at present," he said.

"We are in advanced discussions with a number of parties and working hard to secure a future for both businesses."