LK Bennett bought by Chinese partner Rebecca Feng

14 Avril, 2019, 14:37 | Auteur: Auguste Feret
  • LBD By L.K.B- Little Bennett Dress By

The majority of the business and assets of fashion retailer LK Bennett have been acquired out of administration, preserving the roles of 325 employees.

LK Bennett has been sold to its Chinese franchise partner in a deal that will result in the immediate closure of 15 stores and 110 job losses.

The retail chain employs 480 people and according to claims made by Draper some of the 37 concessions and 39 stores could close.

Feng said: "The LK Bennett brand is synonymous with quality and we believe there is a real opportunity to expand its reach in overseas markets, where significant untapped potential exists. Under our plan, the business will continue to operate out of the United Kingdom, looking to maintain the longstanding and undoubted heritage of the brand".

The administrators as said to be providing support to the staff affected. "We look forward to welcoming many more customers in the years ahead".

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It does not include the company's global subsidiaries, which will remain in administration.

Later that year, she bought back the controlling stake previously held by Phoenix Equity Partners.

However, administrators EY have confirmed to the BBC that 15 stores will not be part of the sale - including the outlet in Gloucester Quays.

L.K.Bennett store closure: Full list of stores closing - is YOUR local branch affected?

In January, research by Deloitte revealed the number of United Kingdom retailers going into administration in 2018 rose 6 percent from 118 in 2017.

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