Tuesday 28th June 2011
A women’s fashion firm has been put into administration, raising fears that up to 1,600 jobs will be lost.
Jane Norman has stores across the nation, and is the latest high street retailer to experience the effects of decreased consumer spending. It has debts of £140 million and closed 89 stores on Saturday. It is alleged that accountancy firm Zolfo Cooper are still hoping to find a buyer for the chain.According to the BBC, a statement from the accountancy said: "Following a period of testing trading conditions, the company has experienced severe cash flow difficulties which resulted in the Board requesting the appointment of the Administrators. "Discussions continue with relevant parties and further detail will be provided when made available."Other reports suggest that a pre-pack administration deal could be underway, as department store chain Debenhams and knitwear firm Edinburgh Woollen Mill have been cited as potential bidders. This latest failure, and Jane Norman’s fall into administration, follows that of Moben Kitchens and the owner of Dolphin bathrooms, who were put into administration last week. Mothercare, Comet and HMV are also closing some stores.Manchester debt firm is liquidated owing creditors over £2.2m
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