High street retailer Bonmarché has collapsed into administration, putting 2,900 jobs at risk.
The ailing retailer was unable to sustain trading conditions as the high street continues to suffer a downturn amid a drop in footfall, increased business rates and operational costs. Bonmarché currently operates over 300 stores and employs 2,887 members of staff.
This is the second time Bonmarché fell into administration. Back in 2012 the company was rescued by Sun Capital Partners, a private equity firm, before it was floated on the stock exchange. A majority share is currently owned by retail tycoon Philip Day.
On Friday Tony Wright, Alastair Massey and Phil Pierce, of specialist advisory firm FRP, were appointed as joint administrators. In a statement the administrators said: “There is every sign that we can continue trading while we market Bonmarché for sale and believe that there will be interest to take on the business. All stores remain open and no redundancies have been made”.
Bonmarché, which was founded in 1982, sent a warning back in March that trading had deteriorated, adding that it expected to lose around 5 million pounds this year.
Image: Bonmarché Facebook