LK Bennett is preparing to file for administration, putting up to 500 jobs at risk.
The high-end womenswear retailer is expected to call in administrators from Ernst & Young if a buyer cannot be found over the next few days, with 41 stores facing closure.
Staff have been informed of the latest developments in an email from the company’s founder, Linda Bennett.
According to the most recent available accounts for the company, Ms Bennett invested £11.2m into the group upon her return to ownership.
They showed a loss before tax of £47.9m for the year to July 29 2017.
1/9 Toys ‘R’ Us
Customers shop at a Toys ‘R’ Us store. The retail chain announced plans to shut all of its US stores, becoming one of the biggest casualties of the retail shakeout amid the rise of e-commerce. The debt-plagued company announced that it has filed a motion for bankruptcy court approval to liquidate its US operations, a move that could hit 33,000 jobs. The UK retailer failed to find a buyer and said their 105 Toys R Us stores would remain open until further notice, with administrators appointed to begin “an orderly wind-down”.
AFP/Getty
2/9 New Look
New Look announced it will shut 60 stores and cut 980 jobs as part of a restructuring plan agreed with its creditors.
PA
3/9 Maplin
A Maplin store displays closing down notices after the company went into administration.
Reuters
4/9 Claire’s Accessories (US only)
People walk past a Claire’s store in downtown Chicago. The chain that has pierced the ears of millions of teens has filed for Chapter 11 bankruptcy protection. The accessories chain said that its stores will remain open as it restructures its debt.
AP
5/9 Carpetright
Carpetright announced that it has secured £12.5m of emergency funding from one of its largest shareholders and that it is exploring the opportunity of seeking approval for a restructuring plan under which it would slash rents and shut stores to avoid going into administration.
Reuters
6/9 MOSS BROS.
Suits specialist Moss Bros has reported a drop in earnings and profit in 2017, blaming a “tough end to the year” and stock shortages which hurt sales. Chief executive Brian Brick said: “Going forward, we are planning for an extremely challenging retail environment, not least because of the uncertain consumer environment and significant cost headwinds.”
PA
7/9 Mothercare
Mothercare warned over profits after UK sales plunged in the run-up to Christmas 2017, with consumer spending falling in both stores and online.
PA
8/9 House of Fraser
The Chinese owner of House of Fraser plans to sell its majority stake in the troubled department-store chain, adding to the upheaval on the UK’s shopping streets.
Getty Images
9/9 Conviviality – Bargain Booze
Bargain Booze owner Conviviality could be heading for administration after failing to secure emergency funding, placing 2,500 jobs at risk.
AFP/Getty
1/9 Toys ‘R’ Us
Customers shop at a Toys ‘R’ Us store. The retail chain announced plans to shut all of its US stores, becoming one of the biggest casualties of the retail shakeout amid the rise of e-commerce. The debt-plagued company announced that it has filed a motion for bankruptcy court approval to liquidate its US operations, a move that could hit 33,000 jobs. The UK retailer failed to find a buyer and said their 105 Toys R Us stores would remain open until further notice, with administrators appointed to begin “an orderly wind-down”.
AFP/Getty
2/9 New Look
New Look announced it will shut 60 stores and cut 980 jobs as part of a restructuring plan agreed with its creditors.
PA
3/9 Maplin
A Maplin store displays closing down notices after the company went into administration.
Reuters
4/9 Claire’s Accessories (US only)
People walk past a Claire’s store in downtown Chicago. The chain that has pierced the ears of millions of teens has filed for Chapter 11 bankruptcy protection. The accessories chain said that its stores will remain open as it restructures its debt.
AP
5/9 Carpetright
Carpetright announced that it has secured £12.5m of emergency funding from one of its largest shareholders and that it is exploring the opportunity of seeking approval for a restructuring plan under which it would slash rents and shut stores to avoid going into administration.
Reuters
6/9 MOSS BROS.
Suits specialist Moss Bros has reported a drop in earnings and profit in 2017, blaming a “tough end to the year” and stock shortages which hurt sales. Chief executive Brian Brick said: “Going forward, we are planning for an extremely challenging retail environment, not least because of the uncertain consumer environment and significant cost headwinds.”
PA
7/9 Mothercare
Mothercare warned over profits after UK sales plunged in the run-up to Christmas 2017, with consumer spending falling in both stores and online.
PA
8/9 House of Fraser
The Chinese owner of House of Fraser plans to sell its majority stake in the troubled department-store chain, adding to the upheaval on the UK’s shopping streets.
Getty Images
9/9 Conviviality – Bargain Booze
Bargain Booze owner Conviviality could be heading for administration after failing to secure emergency funding, placing 2,500 jobs at risk.
AFP/Getty
The brand, known as a favourite of the Duchess of Cambridge, would be the latest in a string of high street and retail failures in the last 12 months.
Since the beginning of 2019, HMV, Mahabis and Patisserie Valerie have all gone into administration, although all three have since found new owners.
Meanwhile, last year fashion brands Coast and Orla Kiely both went bust in 2018, as did department store House of Fraser, which was subsequently bought by Sports Direct boss Mike Ashley.
Additional reporting by newswires
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