The Edinburgh Woollen Mill has salvaged the Jane Norman brand and 33 of its stores from administration, in a surprise move into young fashion by the Scottish knitwear retailer.
The pre-pack administration deal will rescue nearly 400 jobs. Zolfo Cooper, the administrator, is trying to find a buyer for Jane Norman’s Debenhams concessions, but the department store group will hold a veto over any new owner and may choose to use the space for its own brands.
A further 33 stores will close, which means that up to 1,200 jobs are likely to go.
Edinburgh Woollen Mill emerged as an unexpected suitor last week. It has been expanding quietly over the past three years and now has 192 high street stores, 94 speciality tourist shops