Billionaire Philip Day is now in control of struggling Bonmarché after buying a 52% stake in the distressed retailer. The Peacocks and Jaeger owner will launch a bid for the remaining 48%, along with a business review.
First it was Shop Direct calling off its mega-billions sale and now Kaupthing is believed to have ended the bidding process for its trio of key (but far less valuable) UK fashion brands, Oasis, Coast and Warehouse.
The bidders for Oasis, Coast and Warehouse are reported to include Philip Day, Foschini, Alteri and Truwowrths, but they are believed to have offered less than half the £100m the trio's owners had wanted.
Retail entrepreneur Philip Day has confirmed he is the mystery buyer of Jaeger. The billionaire Edinburgh Woollen Mill owner revealed the news as he opened the first of what will be a new chain of UK department stores.
The collapse of UK fashion retailer Jaeger and weak non-food sales figures from the British Retail Consortium (BRC) reinforce the negative sector and ratings outlooks for the European retail sector, Fitch Ratings says.
UK consumers are moving their fashion spend online and more of their total spend is leisure-focused with new figures from PwC and LDC showing fashion retail losing out last year as more stores than ever closed.
There is confusion surrounding Jaeger as the week starts with its owner selling the brand's debt and a pre-pack administration deal said to be imminent. That would guarantee its future but most stores could close.