Fashion retailer Jane Norman has gone into administration amid speculation that it will be subject to a so-called “pre-pack” transaction.

The 90-store chain had been put up for sale by a consortium of 15 banks which control most of its shares, but to date a buyer for the entire business has not been found.

Turnaround specialist Zolfo Cooper confirmed today (27 June) that it had been appointed as administrator to the business and would be seeking a buyer for all or part of the company.

A number of companies, among them Debenhams and Edinburgh Woollen Mill, had been reported as expressing interest in the company, but press speculation suggests that a pre-pack deal could be set up.

This would enable a buyer to take on the Jane Norman name and some of the business without being saddled with the company’s substantial debts.

Debenhams is thought to be in a strong position, since it operates a number of Jane Norman concessions in its stores, and has already completed similar deals in the recent past for the Principles and Faith brands.