Not a great way to start the new working week, but it has been announced that the high street fashion retailer Jane Norman has been placed in administration with US accountancy group Zolfo Cooper.

The chain employs around 1600 staff, and has debts of £140 million but has been suffering from slow sales.

Zolfo Cooper has said that they will put Jane Norman into something called a pre-pack administration, where a buyer of their company or assets have already been lined up, before they enter formal administration. This practice has been criticized has it often leaves creditors unpaid. That feels oh so like double glazing doesn’t it?!