Bonmarché has tumbled into administration, with its boss blaming “a period of historic difficulty” on the high street for its demise.
The ailing fashion retailer has drafted in advisers FRP to handle the administration process, which puts approximately 2,900 jobs at risk.
Boss Helen Connolly said that the business had examined other options to stay afloat, including refinancing or a possible company voluntary arrangement (CVA) but decided that these options wouldn’t “fundamentally change the core challenges facing the business”.
She said: “It is with deep regret and sadness that we have appointed administrators. Over the last 18 months, trading in our stores and market conditions on the high street have significantly worsened. This has overwhelmed the business and its financial position.
”The high street is going through a period of historic difficulty and we have been unable to weather the economic headwinds impacting the whole of the retail sector.”
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.