Philip Day

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women's fashion chain Bonmarché has appointed administrators, The Future of The Business in doubt.

The Chain remain the 318 stores open while a buyer is sought for The Chain .

Bonmarché Chief executive Helen Connolly said, you have made the decision with "great regret and sadness", and the debt-to-Tough High Street conditions and the Brexit delay.

The Yorkshire-based chain specializing in clothing for people over 50 has 2,887 people.

"We have spent A Number of months, the review of our business model and are looking for alternatives. But we were, unfortunately, forced to the conclusion that under The Present conditions, our model simply does not work," she added.

she added that "damage the long-drawn "Brexit process" was in sales.

"Without such a delay, it is possible To Believe that our problems would have been more manageable. Instead, it has only intensified the pressure," She Said .

Ms Connolly said the company had donors in the form of a refinancing or a rescue deal known as a company voluntary agreement (CVA) with its landlords and to credit.

This is an insolvency process that allows a company to settle an agreement with its creditors, all or a portion of its liabilities and is often used as an opportunity to negotiate the rent new.

But She Said the company had concluded that neither option would "fundamentally The Core challenges for economic change".

"We are unfortunately no longer able to demonstrate to our shareholders that the company has also added to continue as a "going concern," She Said .

The struggling retailer earlier this Year ,

Philip Day and his career as a clothing manufacturer of Coats Viyella and Wensum

the British billionaire and the Edinburgh Woollen Mill group owner Philip Day started the majority of the owners of The Chain , with a 95% interest through its Dubai-investment - vehicle - Spectre. is warned

the Ghost said: "We are disappointed with the outcome of our investment in Bonmarche, but our primary thought at This Time , staff and Families is a business". "

Administrator Frp Advisory said it had been appointed, because the company is no longer able to meet its financial obligations.

He stressed that the trade would continue to grow and no redundancies had been made.

"is There any sign that we continue to trade, while we Market Bonmarché for sale and believe that it was interest in the company," it said.

Harsh conditions

Bonmarché is the latest retailer to be affected by the difficult conditions in the midst of the growing competition from online retailers, and higher operating costs, a rising minimum wage and business rates.

It led to big names such as Toys ' R ' Us in the administration, while others, such as, for example, Topshop-owner Arcadia, Debenhams and New Look have announced large-scale closures.

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Source of news: bbc.com