Weltnachrichten – GB – Bonmarche collapses in administration for the second time in a year

Bonmarche’s announcement is the last in a terrible week for the main streets of Britain that saw Sir Philip Green’s Arcadia call to the Administrators and Debenhams liquidation.

The fashion chain Bonmarche has collapsed in administration for the second time in a little over a year and is at risk for more than 1. 500 jobs.

Bonmarche’s announcement is the last in a terrible week for the UK’s main streets that Sir Philip Green’s Arcadia phoned the administrators and Debenhams went into liquidation.

The news came when non-essential retailers across England reopened their doors on Wednesday after a four-week lockdown.

Retail tycoon Philip Day prematurely finalized a Bonmarche acquisition following an administrative process in October 2019, but failed to revive the company’s fortunes.

Mr Day’s Edinburgh Woolen Mill Group and Ponden Home were added to the management team last month, followed shortly after by two other companies in his retail empire, Peacocks and Jaeger.

The pandemic has particularly affected fashion sales as people have stayed home and canceled holidays and weddings while shops and malls have closed.

Yorkshire based Bonmarche, which focuses on cheaper clothing for those over 50, has tougher prospects than its competitors.

Damian Webb of RSM Restructuring Advisory has been appointed joint administrator. He said: « Bonmarche remains an attractive brand with a loyal customer base.

« We intend to continue trading, working closely with management to explore options for the company.

« We will be putting the business up for sale shortly and based on previous interest, we expect there will be a number of prospects. « 

Bonmarche issued a series of profit warnings in 2018 and 2019 after being hit by rising costs from minimum wages and business rates, as well as a shift to online shopping.

The company was bailed out in 2012 by private equity firm Sun European Partners, which floated it public the following year.

Bonmarche’s announcement is the last in a terrible week for the UK’s main streets that Sir Philip Green’s Arcadia called the administrators and Debenhams went into liquidation.

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Administration, Bonmarché