(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.
Bonmarche, a U.K. womenswear retailer that has been struggling for years, went into administration, saying uncertainty over Brexit delivered a knockout blow.
The company appointed FRP Advisory to study the options for the business, which has almost 2,900 employees. Bonmarche, which targets shoppers over 50, is still operating its more than 300 stores.
“The delay in Brexit has created negativities, both in the global markets towards Britain and damaged consumer sentiment,” Chief Executive Officer Helen Connolly said in a statement. “Without such a delay, it is feasible to believe that our issues would have been more manageable.”
Bonmarche also said it decided against options such as a so-called company voluntary arrangement, as it can’t guarantee the entire business can continue as a going concern. Connolly said Bonmarche will work with FRP Advisory to protect as many jobs as possible and seek a buyer.
Philip Day, the owner of cashmere and tweed retailer Edinburgh Woollen Mill, acquired Bonmarche in July.
©2019 Bloomberg L.P.
RECOMMENDED FOR YOU
POPULAR