Bonmarché has entered administration, after battling against a ‘sustained period of challenging trading conditions’.
The business was also unable to meet its financial obligations after being affected by cashflow pressures.
FRP Advisory has been appointed as administrators, and has been asked to find a buyer for the business. Nearly 2,900 jobs are at risk following the administration, but FRP said that there have been no redundancies at this stage, and the 318 stores will continue to trade.
Tony Wright, joint administrator and partner at FRP Advisory, said: “Bonmarché has been a staple on the British high street for nearly three decades. But the persistent challenges facing retail have taken their toll and led to the administration.
“There is every sign that we can continue trading while we market Bonmarché for sale and believe that there will be interest take on the business.”
