Sir Philip Day’s Bonmarché has fallen into administration for the second time in a little over a year.
While RSM Restructuring Advisory has been appointed as administrator of the struggling retailer, there have been no announcements so far on store closures.
However, with the announcement of the retailer collapsing into administration, there could be a risk of over 1,500 jobs being hit. Bonmarché has 225 stores across the UK.
It’s been a tough last quarter for Philip Day as it was only last month his other reputed firms Edinburgh Woollen Mill (EWM) and Peacocks had fallen into administration – and now Bonmarché too has gone down.
RSM Restructuring Advisory has, however, said that stores would remain open while it would continue to explore the business options.
The new administrator also said that it will be soon marketing the business for sale and is hopeful of seeing good number of interested buyers.
Last year also Bonmarché had fallen into administration, but Philip Day bought it back in a pre-pack deal. This allowed him to bring down the number of stores as well as the cost.
The British retail world has been struggling a lot especially in last few weeks. First it was EWM and Peacocks, then Arcadia and Debenhams and now Bonmarché.
Tough times continue for the high street retailers.