Fashion chain Jaeger has said it will axe 103 jobs and shut 13 stores, a week after falling into administration.

The retailer said it has cut 47 in-store positions and 56 head office and distribution roles as part of a restructuring.

The chain was placed into administration last week by owner, retail billionaire Philip Day.

Administrators have said they will continue to search for a buyer for the business but made the cuts as Jaeger was “unable to sustain its current structure”.

Jaeger has reduced its stores estate to 63 outlets and concessions, and now employs 244 staff as a result.

Mr Day hired specialists from FRP Advisory to oversee the insolvency of Jaeger and sister business Peacocks, which operates 423 stores with 4,369 staff.

The retail tycoon’s EWM Group had already placed its Edinburgh Woollen Mill and Ponden Home business into administration earlier this month.

Tony Wright, joint administrator of Jaeger Retail Limited and partner at FRP, said: “We continue to hold discussions with interested parties regarding a possible sale.

“Regretfully, redundancies have been made across a number of head office and store roles.

“We’re working with staff to support them and help make any claims to the Redundancy Payments Service.”

Jaeger’s online shopping operations, including its online brands Austin Reed and Jacques Vert, remain open and continue to trade.