UK: D2 Trading enters administration
Jeans retailer D2 Trading has entered administration, leading to the closure of two stores and an initial 50-plus redundancies.
BDO LLP business restructuring partners James B Stephen and Dermot Power were appointed as joint administrators over the company, which has 76 stores in the UK and three in Ireland, on 30 December.
Their appointment was swiftly followed by 22 redundancies at the company's head office in Dundonald, Ayrshire, and a further 39 job losses with the closure of two of D2's three Dublin stores.
BDO said the remaining branches would continue to trade, with a view to selling all or part of the company as a going concern.
"It is unfortunate that the economic climate and difficult trading conditions have significantly affected the retail sector," said James Stephen of BDO.
"We are continuing to trade the business and hope to sell all or part of the company as a going concern."
D2 was set up about ten years ago by a group including Scottish entrepreneur Sir Tom Hunter, who later sold his stake in the company.
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