Marks & Spencer (M&S) is set to buy fashion brand Jaeger, which went into administration last year, as early as this week.
A source close to Edinburgh Woollen Mill Group (EWM), owner of the brand, said that the buyout was “imminent,” Sky News reported.
The source also said that many of the clothing group’s other assets were unlikely to be saved.
Like many other clothing retailers, including TopShop and Debenhams, Jaeger struggled to stay afloat with the impact of coronavirus restrictions and lockdowns last year.
Peacocks, another brand owned by billionaire Philip Day’s EWM group, went into administration in November.
M&S also felt the impact of the pandemic, seeing its first loss in 94 years as a public company in 2020.
The move is part of M&S’ wider plan to take on third-party clothing and home brands for both its stores and websites.
M&S declined to comment on the transaction.
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