Over 100 retail jobs lost despite LK Bennett's rescue from administration
LK Bennett, the premium fashion brand, has been bought out of administration thus rescuing 325 jobs.
Despite this relief, 15 of the fashion chain’s stores will soon be closed as part of the deal, with 110 jobs to be lost.
The brand has been bought by Rebecca Feng’s Byland UK. The acquisition includes LK Bennett’s head office, 21 stores as well as its concessions.
Rebecca addressed the news: “Under our plan, the business will continue to operate out of the UK, looking to maintain the long-standing and undoubted heritage of the brand.
“This will be achieved through a combination of working with quality British design, and the business’s existing supply chain.”
The stores to close are as follows:
- Bridgewater, Banbridge
- City, Royal Exchange, London
- King’s Road
- Long Acre
- Northcote Road
- St Albans
- Westgate Oxford
- York Outlet
LK Bennett was founded by Linda Bennett in 1990. She sold her majority stake in the fashion brand to Phoenix Equity Partners over 10 years ago, in 2008.
In 2017, Linda advised the business following her return, due to the retailer showing signs of struggle, and bought the company soon after.
In the year to end of July 2017, the chain reported a loss of around £6m, despite Linda investing £11.2m into the business upon her return.
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