Wed, 02 Dec 2020 | ADMINISTRATION
Fashion retailer Bonmarché has fallen into administration for the second time in a year. The clothing chain, which was acquired by Philip Day’s EWM Group in February, has appointed Damian Webb and Gordon Thomson of RSM Restructuring Advisory as joint administrators.
The Wakefield-based firm specialises in fashion for women over 50 and operates from 225 shops, with around 1,500 staff. Prior to its administration in October 2019, the retailer employed around 3,000 staff from 314 stores.
EWM Group has been hit hard by the growing crisis among UK high street retailers, warning in October that it was close to collapse. In November, its flagship store Edinburgh Woollen Mill went into administration, along with the Ponden Home brand.
This was followed later the same month by retailers Peacocks and Jaeger, which includes formalwear retailers Jacques Vert and Austin Reed, also falling into administration.
Joint administrator Damian Webb of RSM said: “Bonmarché remains an attractive brand with a loyal customer base. It is our intention to continue to trade whilst working closely with management to explore the options for the business.”
“We will shortly be marketing the business for sale, and based on the interest to date we anticipate there will be a number of interested parties.”
Potential buyers for EWM Group retailers are said to include Mike Ashley’s Frasers Group and private-equity backed Torque Brands.
The news of Bonmarché's administration comes in the same week that Arcadia group and Debenhams have collapsed.
View the latest distressed UK businesses here.
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