Jane Norman lines up Zolfo Cooper administrators
Fashion retailer likely to appoint Zolfo Cooper administrators to arrange pre-pack
ADMINISTRATORS FROM ZOLFO COOPER have been lined up to implement a pre-pack sale at fashion retailer Jane Norman.
In a pre-pack, administrators market a company before it enters administration then sell it immediately after.
Earlier this year, PwC was hired by a consortium of 15 banks to find a buyer for the retailer without success. A source has claimed Zolfo Cooper insolvency practitioners are likely to take up an appointment and arrange a pre-pack sale, The Guardian reports.
PwC was forced to close 90 of the retailer’s stores this weekend which, including concessions at Debenhams, has about 200 outlets.
It is reported that Debenhams and Edinburgh Woolen Mill are potential buyers.