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Retail Spotlight – Jane Norman goes into administration

 

Posted At: 27 June 2011 15:28 PM
Related Categories: Administrations, Jane Norman, Retail, Store Closures, Womenswear Retailer

 

 

Following the recent news that the womenswear retailer Jane Norman has collapsed into administration; we reviewed and updated the retailer record on SnapShop.  Below is a summary of the retailer profile and highlights of the administration:

On 27th June 2011- Jane Norman collapses into administration putting 1,600 jobs at risk. Retailer closed its 90 UK stores over the weekend after it failed to find a buyer for the business. Zolfo Cooper have been appointed as administrators. At the time of writing, website had not been updated with information on how the company intends to handle online orders

On 24th June 2011 - Edinburgh Woollen Mill has entered the race to buy womenswear chain Jane Norman

On 23rd June 2011 - Debenhams bid to acquire the stock and brand Jane Norman. Debenhams wants to keep the profitable Jane Norman concessions trading in its department stores, but has no interest in its 91 high-street stores

On 20th June 2011 - Private equity firms Sun Capital Partners and Better Capital entered rescue talks

On 17th June 2011 - The management team behind Aurora Fashions emerged as an interested party to acquire beleaguered Jane Norman

On 8th June – Jane Norman managing director Ian Findlay stepped down

On 7th June 2011 - Jane Norman was put up for sale

On 15th April 2011 – Jane Norman kicked off a radical overhaul of its product and image to target a younger, trend-savvy shopper

On 1st March 2011 -Jane Norman veteran Saj Shah takes early retirement

On 6th April 2010 - Jane Norman approached Aurora non-executive president Stewart Binnie to become its new chairman

On 10th Jan 2010 - Jane Norman’s lenders are to take over the business and restructure its debts of almost £136m

On 1st May 2010 – The company drafted in accountancy company PricewaterhouseCoopers (PwC) to assess the "operational efficiencies" of the business, three months after one of its major shareholders, Baugur, went into administration

On 27th March 2009 - Sandy Goldsborough, the trading director at Jane Norman, left the womenswear retailer after just six months in the role

Financial Health for Year Ended 27th March 2010

Total sales for the period ended 27 March 2010 were £144.1m (2009 £148.8m). The gross profit margin was 56% (2009: 56%), resulting in gross profit for the period of £80.0m, a decrease of £3.0m on the prior period. Administrative costs decreased from £72.0m to £70.0m mainly as a result of the reduction in costs for newly-opened stores, and reduction in head office costs. Administrative costs amounted to 48% of sales (2009: 48%).

As a result, operating profit for the period under review was £10.6m (2009 £11.1m). EBITDA was £15.4m (2009 £16.2m) and EBITDA margin was 11% (2009: 11%).

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Retailer Profile – Jane Norman
Founded in 1952, Jane Norman is a womenswear retailer with over 170 stores/concessions in the UK and has a staff of over 1,600.  It is positioned in the middle sector of the clothing/footwear market, with focus on young fashion.  The Jane Norman target customer is typically aged between 16 and 25 and the company is most strongly associated with dressy fashion (weekend, pub and clubwear).

It was a private limited company following a management buyout backed by Baugur in 2005. Jane Norman did not appear to have been affected by the administration of Baugur.

In May 2009 Jane Norman drafted in accountancy company PricewaterhouseCoopers (PwC) to assess the "operational efficiencies" of the business.  It was announced in June 2011 that Jane Norman had been put up for sale.

In June 2011 it was announced that Jane Norman had entered administration, and 90 stores had been closed. Click here to view retailer’s profile on SnapShop

According to a recent report by Deloitte, the first quarter of 2011 has witnessed the highest number of retail administrations in two years with nearly 20 administrations recorded on SnapShop in Q1. Do you need to keep up-to-date with these trends and statistics? SnapShop, being an information tool, records just such information:  retailers’ financial health, daily updated news, number of stores, head office details on over 2300 retailers and SnapShop News Alerts will keep you up to date with news about retailer administrations.

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Comments...

This update was very useful; it is however a shame about Jane Norman.




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