UK: Bonmarché sale to see 160 stores shut
Around 1,400 jobs will be lost with the closure of 160 Bonmarché stores
The Bonmarché chain owned by collapsed fashion retail group Peacocks has been sold to private equity company Sun European Partners, but about 160 stores will close as a result.
Some 1,400 jobs will be lost after Sun European said it would close the stores, leaving about 230 Bonmarché outlets in operation across the UK.
Matthias Gundlach, chairman of the private equity business, said he was “confident in putting a sustainable growth programme in place” for the remainder of the company.
The “pre-pack” sale came after KPMG was appointed as administrator for Bonmarché on Friday (20 January).
KPMG immediately sold 389 stores and the company headquarters to Sun European, with another two stores, in Balham and St Albans, closing on Saturday as scheduled, resulting in 12 redundancies.
Another store in Perth was deemed not to be commercially viable and will be wound up, leading to another seven job losses.
“Given the hostile conditions on the high street, we’re pleased to have concluded a sale with Sun European Partners,” said Chris Laverty, joint administrator and restructuring partner. “The deal is a positive step forward in underscoring Bonmarché’s future.”
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The number of high street stores entering administration shot up over the first quarter of this year, according to statistics from the Insolvency Service. ...
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