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More than 1. 500 jobs are next in line at the women’s clothing chain Bonmarche, after calling in administrators for the second time in a little more time.
RSM Restructuring Advisory, which has been tasked with managing it, said all of Bonmarche’s 225 branches will remain open and there are no layoffs yet as a bailout deal is about to be struck.
It comes after Bonmarche crashed into administration in October 2019 before administrators hit a bailout deal with retailer Peacocks.
But the deal called for 30 stores to close just before Christmas last year, affecting hundreds of jobs in the group.
Bonmarche has seven stores in the Northeast, in Newcastle, North Shields, South Shields, Washington, Cramlington, Blyth and Dalton Park.
Damian Webb, joint administrator of RSM Restructuring Advisory, 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. «
Around 25. 000 jobs at risk after Sir Philip Green’s Topshop empire called Arcadia on Monday and Debenhams launched a liquidation process on Tuesday after JD Sports pulled out of a possible bailout.
The group has been hit hard by soaring costs as business rates soared and the minimum wage raised, which has accompanied a shift towards online shopping.
In 2012, sister company Peacocks also hit the wall before the couple was saved by private equity firm Sun European Partners.
Bonmarche was then listed on the London Stock Exchange the following year, until retail tycoon Philip Day completed his acquisition of the struggling retailer in early 2020.
Bonmarché, Administration, Philip Day, Wollmühle von Edinburgh
World news – GB – More than 1. 500 jobs are at risk when Bonmarche collapses
Ref: https://www.chroniclelive.co.uk
