British menswear chain Blue Inc has collapsed into administration after failing to find a buyer and running out of funds.
The struggling retailer has 31 stores across the UK, and entered administration last week, according to insolvency practitioner Begbies Traynor, which was appointed in November to find a buyer for the business.
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According to press speculation, Begbies Traynor is said to be in talks with two parties interested in taking over some of the chain’s 31 stores and one potential buyer of the brand.
“We can confirm that Blue Inc entered administration on Monday 10 December 2018. The remaining 31 stores will continue trading while discussions are in progress regarding the future of the brand,” a spokesperson for Begbies Traynor told just-style. “We cannot make any further comment at this time.”
The retailer last underwent a company voluntary arrangement (CVA) in 2017, which enabled it to reach a compromise agreement with its creditors.
The company’s collapse comes at a time of increasing pressure for the UK retail industry, which is being battered by rising costs and a shift in consumer shopping habits.
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By GlobalDataOne of the high street majors, Debenhams, this week rejected a GBP40m lifeline from shareholder and Sports Direct owner Mike Ashley, who in August acquired rival department store House of Fraser.
