D2 jeans goes into administration
Thursday 29 December 2011
Store chain D2 Jeans has collapsed into administration, making 200 staff redundant and jeopardising hundreds more jobs.
Administrators closed 19 stores and laid off the shop workers as the Dundonald, Ayrshire-based firm became the first notable post-Christmas retail casualty.
The remaining 28 stores are being run as a going concern while administrators seek a buyer for parts or all of the business in the hope of saving the jobs of hundreds more employees.
BDO LLP administrator James Stephen said: "It is unfortunate that the economic climate and extremely difficult trading conditions have significantly affected the retail sector.
"However, we are hopeful of securing a sale of all or part of the business and will continue to trade the business while this is explored."
It is the second time in two years that the chain, originally set up by Scottish entrepreneur Sir Tom Hunter, has gone into administration.
Last time, it was understood that around 500 jobs were saved as its management struck a deal to buy more than 40 of its stores out of administration. But around 32 stores - employing more than 300 staff - were not included in the rescue deal.
A spokeswoman for BDO said she was unable to say which of the firm's stores had been closed.
According to the company's website, which is no longer fully functioning, D2 operates stores across the UK. These include Sheffield, Redditch, Taunton, South Wirral, Bicester, Banbury, Rochdale, King's Lynn, Gloucester, Barnstaple, Penzance, Truro, Newquay and Cambridge in England.
In Scotland it has stores in Paisley, East Kilbride, Falkirk, Livingston, Coatbridge, Hamilton, Dunfermline, Glenrothes, Irvine, Ayr and four in Glasgow.
In Northern Ireland its outlets can be found in Enniskillen, Londonderry, Omagh, Newry, Lisburn, Portadown, Ballymena, Coleraine and Newtownabbey. There are two in Bangor and five in Belfast.
And in Wales, it has sites in Haverfordwest, Llanelli and Merthyr Tydfil.
There are fears that some big name retailers will collapse after Christmas when most will be hit with their quarterly rent bills.
High street lingerie chain La Senza, which has 146 stores and 18 concessions in the UK, announced last week that it plans to enter administration in coming days.
And Blacks Leisure, which owns 98 Blacks outlets and 208 Millets stores and employs 3,600 staff, faces speculation that it will go into administration in a move that would allow rivals to cherry-pick its best assets.
Children's bookseller wins The Independent's new author search
Board creates magnetic field to achieve lift
- 5 Paralysed man Darek Fidyka walks again after treatment by British doctors on brink of 'cure'
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
Worst Airports of 2014: Poll names Islamabad airport in Pakistan worst in the world
iJobs Money & Business
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...
£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...