DLA Piper and Maclays take roles on Jane Norman restructuring and sale
DLA Piper has picked up a lead role on the administration and subsequent sale of failed fashion chain Jane Norman. The transatlantic firm advised administrators Zolfo Cooper as well as the syndicate of lending banks on the restructuring that saw the company fall into administration on Monday (27 June), with Edinburgh Woollen Mill then purchasing 33 of Jane Norman's 94 stores under a pre-pack administration sale concluded yesterday (28 June).
June 29, 2011 at 08:13 AM
2 minute read
DLA Piper has picked up a lead role on the administration and subsequent sale of failed fashion chain Jane Norman.
The transatlantic firm advised administrators Zolfo Cooper as well as the syndicate of lending banks on the restructuring that saw the company fall into administration on Monday (27 June), with Edinburgh Woollen Mill then purchasing 33 of Jane Norman's 94 stores under a pre-pack administration sale which concluded yesterday (28 June).
City restructuring partner Sarah Coucher led the DLA Piper team, which also included partners Amy Jacks and Jonathan Richards.
The deal also handed a key role to Maclay Murray & Spens, with the Scots firm acting for Edinburgh Woollen Mill, floating a team led by Glasgow-based head of corporate recovery Michael Hughes in Glasgow.
Coucher commented: "This deal demonstrates our specialist team's strength in depth. We ran a number of bids simultaneously, whilst advising on and implementing complex corporate and financial structures against the background of a pending insolvency and intense creditor pressure."
DLA Piper has acted on several significant retail restructurings in recent years, including All Saints, Mosaic Group (the owner of Oasis, Warehouse, Karen Millen and Principles), Whittards, Focus DIY, Zavvi, Mark One and Allders.
Jane Norman operates 94 stores across the UK and Ireland as well as a number of UK and overseas concessions. It employs around 1,600 staff, with Edinburgh Woollen Mill's acquisition set to save at least 396 of these jobs.
Yesterday Legal Week reported that Salans and Linklaters were advising on the administration of Habitat and sale of its UK brand to Home Retail Group.
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