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Bonmarché could be rescued by Peacocks

The Bonmarché womenswear retailer could be rescued by the Peacocks fashion chain. Bonmarché entered administration last month after struggling against a “sustained period of challenging trading… View Article

FASHION RETAIL NEWS UK

Bonmarché could be rescued by Peacocks

The Bonmarché womenswear retailer could be rescued by the Peacocks fashion chain.

Bonmarché entered administration last month after struggling against a “sustained period of challenging trading conditions” and cashflow pressures.

Following a bids deadline of 15 November, Peacocks has emerged as the preferred bidder for the business. However, negotiations are still ongoing.

Tony Wright, joint administrator and partner at FRP Advisory, said: “After a robust marketing process for Bonmarché, the business attracted a range of bids. We have now begun advanced negotiations with Peacocks on a going concern basis and and aim to complete a transaction that will maximise returns for creditors, but also provide the best opportunity to keep the retailer open and protect the greatest number of jobs.”

FRP also said that 30 underperforming Bonmarché stores will close next month and that some staff may be facing redundancy. The remaining 285 stores will stay open for the time being.

Wright added: “Whilst we are optimistic that a transaction can be completed, ultimately it will depend on ongoing negotiations between our preferred bidder and landlords on market rents and there remains a risk that the business could cease to trade.”

 

 

 

 

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