UK clothing retailer Bonmarche went into administration for the second time in just over a year. Its administrator RSM Restructuring Advisory said all of the retailer’s 225 stores will remain open and there are no redundancies yet as it hopes to finalise a rescue deal. The company had plunged into administration in October last year. Over 1,500 jobs are under threat.
Administrators then had agreed to a rescue deal with retailer Peacocks before the pandemic struck earlier this year. Despite the deal, 30 stores were closed before last Christmas, affecting hundreds of jobs at the group, British media reported.UK clothing retailer Bonmarche went into administration for the second time in just over a year. Its administrator RSM Restructuring Advisory said the retailer's 225 stores will be open and there are no redundancies yet as it hopes to finalise a rescue deal. The firm had plunged into administration in October last year. Over 1,500 jobs are under threat.#
A few months before Bonmarche’s first administration, Spectre Holdings, an investment firm run by retail tycoon Philip Day, had racked up around 93 per cent of shares in the retailer.
Meanwhile, Peacocks is owned by Edinburgh Woollen Mill Group (EWM Group), which in turn is also owned by Day. In November, Peacocks and stablemate Jaeger joined other EWM Group fascias Ponden Home and Edinburgh Woollen Mill in filing for administration.
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