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Womenswear chain Bonmarche collapses into administration for the second time in a year putting 1,500 jobs at risk as retail crisis deepens
- RSM Restructuring Advisory said all of Bonmarche’s 225 stores will remain open
- It added that there are no redundancies yet as it looks to agree a rescue deal
- It comes after the clothing chain plunged into administration in October 2019
- Brand has struggled with rising costs and dwindling footfall on UK high streets
Womenswear chain Bonmarche has collapsed into administration for the second time in just over a year, putting more than 1,500 jobs at risk.
RSM Restructuring Advisory, which has been appointed to handle the administration, said all of Bonmarche’s 225 stores will remain open and there are no redundancies yet as it looks to agree a rescue deal.
It follows Bonmarche plunging into administration in October 2019, before administrators agreed a rescue deal with retailer Peacocks.
The announcement comes as the latest in a series of blows to the UK’s high street, with both Debenhams and Sir Philip Green’s Arcadia group collapsing this week.
Womenswear retailer Bonmarche has collapsed into administration for the second time in just over a year, putting more than 1,500 jobs under threat
Despite the deal, 30 stores were closed before last Christmas, affecting hundreds of jobs at the group.
Damian Webb, joint administrator of RSM Restructuring Advisory, said: ‘Bonmarche remains an attractive brand with a loyal customer base.
‘It is our intention to continue to trade whilst working closely with management to explore the options for the business.
‘We will shortly be marketing the business for sale, and based on the interest to date we anticipate there will be a number of interested parties.’
It comes after Bonmarche plunged into administration in October 2019, before administrators agreed a rescue deal with retailer Peacocks
The brand has struggled with rising costs, such as business rates and rising wages, as well as dwindling footfall on UK high streets.
Bonmarche was previously bought in a rescue deal by private equity firm Sun European Partners in 2012.
The company was later floated on the London stock exchange before retail tycoon Philip Day purchased a majority stake earlier this year.
A large number of shareholders then sold their stakes to Mr Day, giving him a 95 per cent ownership in the struggling retailer.
