LK Bennett hasn’t yet announced its new owner, but it's already taking action to liquidate its US stock and is asking for bankruptcy court permission to begin closing-down sales at its US stores and its webstore.
Billionaire Philip Day is now in control of struggling Bonmarché after buying a 52% stake in the distressed retailer. The Peacocks and Jaeger owner will launch a bid for the remaining 48%, along with a business review.
Philip Day, the owner of Edinburgh Woollen Mill Group, has withdrawn from the race to buy collapsed fashion label LK Bennett. He had made a last-minute offer for the upmarket clothing brand hours before the deadline.
The bidders for failed footwear and fashion chain LK Bennett are believed to include shoe retailer Dune. Offers have been lodged this week and a preferred buyer for the company should be chosen within the next few days
Another week, another likely UK fashion brand going under. Liam Gallagher's label Pretty Green is expected to appoint administrators in the week starting March 25 as the weak retail environment claims its latest victim.
It may seem like Mike Ashley has enough on his hands at the moment, between running House of Fraser, his Debenhams ambitions, and the other chains he has acquired. But it seems he's also interested in buying LK Bennett.
The embattled UK retail industry was dealt another blow on Friday after news emerged that Arcadia is considering a restructuring process which could result in significant store closures and job losses.