Thu, 29 Dec 2011 | ADMINISTRATION
Administrators are seeking a buyer or buyers for 28 branches of the D2 Jeans high street chain, after it collapsed into administration and became one of the first post-Christmas retail casualties.
The firm, which is based in Dundonald, Ayrshire, called in administrators from BDO LLP to handle the process. Joint administrator, James Stephen, said they immediately shut 19 stores, but are running 28 further branches as a going concern and are hoping to sell them on.
"It is unfortunate that the economic climate and extremely difficult trading conditions have significantly affected the retail sector, " Stephen explained. "However, we are hopeful of securing a sale of all or part of the business and will continue to trade the business while this is explored."
The business, which was founded by Scottish entrepreneur Sir Tom Hunter, entered administration two years ago. On that occasion it was saved through a number of deals, including a management buyout that picked up around 40 of its stores and saved about 500 jobs.
A BDO spokesman said they could not confirm which of the stores had been closed due to this latest administration, but it is thought that branches throughout the UK – including Northern Ireland – could be affected.
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