Embattled UK fashion retailer Blue Inc is understood to have sought the help of insolvency practitioner Begbies Traynor to find a buyer for the business.
The menswear retailer, which underwent a CVA in 2017, a year after it went through a pre-pack administration, has now been put up for sale, according to a Sky News report.
A spokesperson for Begbies Traynor told just-style: “We can confirm Begbies Traynor has been appointed by the directors of Blue Inc to advise on the company’s financial position. While these discussions are in progress, the business continues to trade as usual. We cannot make any further comment at this time.”
Sources told Sky News that the chain, which has already been through a string of restructuring processes to shed unprofitable stores, was seeking new owners to take control of the business “in the short term”.
The move by Blue Inc comes at a time of increasing pressure for the UK retail industry, which is facing rising costs and shifting consumer habits.
UK department store retailer House of Fraser, which was bought out in August, is said to be preparing for another tranche of store closures, as is Debenhams, which revealed record full-year losses last month and plans to shutter nearly one-third of its store base.
Blue Inc did not return a request for comment at the time of going to press.