The two Jaeger stores in Canary Wharf are set to close as the struggling fashion chain goes into administration. The British company collapsed when its private equity owner, Better Capital , was unable to find a buyer for the faltering retailer after putting it on the market for £30 million.

Consulting firm AlixPartners , which was appointed to oversee the administration process, has announced 20 stores will be closed across the UK, including the menswear and womenswear shops in Cabot Place.

In a statement, the firm said: “Following consultation with all appropriate stakeholders it has become apparent that the operating costs of a number of stores are financially unviable given the company’s difficulties.

“As a result, the joint administrators have made the difficult but necessary decision to commence a programme of store closures.

“We can confirm that all employees at these stores will be paid for the duration of the process.”

Jaeger, which was founded in 1884, employs 680 people across 46 stores and 63 concessions, as well as a London head office and a logistics centre.

More than 200 of these jobs are now facing the axe, including the 12 people employed by the company in Canary Wharf.

Better Capital have sold Jaeger’s debt to a company understood to be controlled by the head of Edinburgh Woollen Mill, Philip Day.

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