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Summary
Jeanswest collapsed for the second time last month, with just $13 million in assets against approximately $53 million in debts, including $4.1 million owed to its 600 staff and nearly $776,000 in unclaimed gift vouchers. The brand’s Hong Kong backers appointed Pitcher Partners as administrators, who are considering an online-only future for the 53-year-old retailer, which has struggled amid cost-of-living pressures and competition from online retailers. Despite previous efforts to revitalize the brand, the owners concluded it was time to shift focus away from physical stores.
