Bonmarche has become the latest victim of the decline of the high street after falling into administration today.
The high street women’s fashion chain’s announcement puts 2,887 jobs at risk, including 200 at its head office.
The retailer, which operates 318 stores across the UK, appointed FRP Advisory today to help them find a new buyer.
No redundancies have been made yet and the business is still expected to carry on trading while it is on the market.
Bonmarche chief executive Helen Connoly said trading has ‘significantly worsened’ over the past 18 months and says Brexit plays a big part.
She said delays in Westminster and Brussels have had a negative impact on consumer footfall and how the global markets treat the UK.
Ms Connoly added: ‘These have compounded the challenges we were facing and without such a delay, it is feasible to believe that our issues would have been more manageable. Instead, it has only intensified the pressures.’
Joint administrator and partner at FRP Tony Wright said: ‘Bonmarché has been a staple on the UK 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 to take on the business.’
The chain was taken over by Spectre Holdings in July in a £5.7 million deal – five years after the Yorkshire based firm was valued at £100 million.
A spokesperson for the investment vehicle said: ‘We are disappointed with the result of our investment in Bonmarché, but our primary thought at this time is with the business’ employees and families.’
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