LK Bennett lines up administrator with 500 jobs ‘at risk’
Fashion chain LK Bennett has filed for administration as it attempts to find a way to stay afloat.
The retailer has selected EY as an administrator for the business, Sky News first reported, which will oversee its insolvency if no new investment can be found.
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The clothing brand, which was founded by Linda Bennett in 1990, has around 130 stores across the UK and overseas.
Bennett sold her majority stake in the chain in 2008 but returned to the company in 2017 in a consultation role after the retailer started to struggle.
In the year ending July 2017, the most recent available results, the company made an operating loss of £5.9m.
Around 500 jobs will be under threat if the company does go into administration, Sky News claimed.
LK Bennett is not the only high street retailer struggling in the current climate, with several going bust or forced into closing down stores last year.
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Music chain HMV recently fell into administration before being bought.
LK Bennett declined to comment.