<div style="page-break-before:always; page-break-after:always">The group, which also includes Peacocks, Austin Reed and Jaeger, could collapse this week.Philip Day, who owns the business, is in talks about buying back some of his fallen empire.However, it is likely that a significant number of the group&rsquo;s 21,000 workforce risk losing their jobs.Sources said the possible collapse is likely to wipe out around 90% of Mr Day&rsquo;s &pound;1.1billion wealth.The group filed a notice to appoint administrators this month, but that runs out on Thursday. It could be extended for 10 days but administration is almost inevitable, sources say.A spokesman said: &ldquo;We are trying everything in a brutal situation to save as many jobs as possible.&rdquo;Retail sources warn the closures are the &ldquo;tip of the iceberg&rdquo; for the sector.

&lsquo;Brutal' Cuts Expected At Clothes Firm

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.