The managing director of Jane Norman has left the troubled fashion chain. Ian Findlay departed after lenders to Jane Norman appointed PricewaterhouseCoopers to run a sale of the chain, which has more than 200 shops and concessions.
Its banks want to sell the chain over a period of just one week. A syndicate of 15 lenders took control of 80 per cent of its shares and restructured Jane Norman's debts of £136m in January 2009.
Kaupthing Singer & Friedlander, the failed Icelandic bank, sold its debt in Jane Norman for just 6p in the pound last week. Jane Norman did not return calls, while all the other parties declined to comment.