Bonmarche collapses for second time as Covid batters retailers
Fashion retailer Bonmarche fell into administration on Wednesday, threatening 1,500 jobs and becoming the third High Street casualty in as many days as the Covid-19 pandemic continued to batter the economy.
The company, now in its second administration in less than two years, has 225 stores. Bonmarche was rescued by Peacocks last year after calling in administrators in October 2019.
However, Peacocks’ parent company Edinburgh Woollen Mill (EWM) itself fell into administration on November 7, with Peacocks following 12 days later after EWM failed to find a buyer.
Bonmarche administrator RSM said all stores will remain open and no redundancies have been announced so far. The Wakefield-based company was bought out of administration by retail entrepreneur Philip Day in February and sells fashion for women over 50.
The news comes after TopShop owner Arcadia entered administration on Monday, placing 13,000 jobs in jeopardy. On Tuesday, department store chain Debenhams confirmed it would be wound down, threatening 12,000 roles.
“Bonmarche remains an attractive brand with a loyal customer base,” said Damian Webb, joint administrator at RSM. “It is our intention to continue to trade while working closely with management to explore the options for the business.”
“We will shortly be marketing the business for sale, and based on the interest to date we anticipate there will be a number of interested parties,” Webb said.
Last month fashion chains Peacocks, Jaeger, Austin Reed and Jacques Vert collapsed into administration, putting almost 4,800 jobs at risk. The firms are all part of Day’s Edinburgh Woollen Mill Group (EWM), which in October warned that it was on the brink of collapse.
Two other chains owned by Day, the knitwear and fashion retailer Edinburgh Woollen Mill itself and Ponden Mill homewares, called in administrators a month ago. Almost 900 people immediately lost their jobs and a further 2,000 roles are hanging in the balance.