Wakefield-based Bonmarché is in administration.
Bonmarché, a fashion retailer targeting the over-50s market, employs 2,887 people, including 200 staff at its Wakefield head office, and trades through 318 stores across the UK, online and by telephone.
The directors took the step to place the business into administration after a sustained period of challenging trading conditions and cashflow pressure, which meant the business was unable to meet its financial obligations as they were due.
The Joint Administrators will now continue to trade Bonmarché while assessing options to secure a future for the business. All stores remain open and no redundancies have been made.
Tony Wright, Alastair Massey and Phil Pierce, partners at specialist business advisory firm FRP Advisory, have been appointed as joint administrators.
Mr Wright said: “Bonmarché has been a staple on the UK high street for nearly three decades, but the persistent challenges facing retail have taken their toll and led to the administration. There is every sign that we can continue trading while we market Bonmarché for sale and believe that there will be interest to take on the business.”
Interested parties should contact Luke Wilson on 020 3005 4000.