High street retailer Jaeger has collapsed into administration after struggling to come to terms with a challenging trading environment.

Jaeger's directors have appointed administrators Alix Partners after failing to find a suitable buyer for the business.

Around 680 jobs have been put at risk at the fashion chain's 46 stores, 63 concessions, its head office in London and its logistics function in Kings Lynn.

Peter Saville, joint administrator, said: "Regrettably despite an extensive sales process it has not been possible to identify a purchaser for the business. Our focus now is in identifying an appropriate route forward and work with all stakeholders to do this. We will ensure that we communicate further as this process unfolds."

MoneySavingExpert.com understands that customers will still be able to use Jaeger gift cards and vouchers for the time being - we have asked Alix Partners if a deadline for spending these is likely to be imposed and we'll update this story when we know more.

A spokesperson for Alix Partners told us that "customers' statutory rights will still apply".

See our Administration Help guide for full info on what to expect.