What you had to say about Bonmarche's collapse into administration as chain becomes another victim of the high street crisis
South Tyneside residents have expressed their sadness that Bonmarche has become another victim of the UK’s high street crisis after the store’s announcement that it had fallen into administration.
The popular high street retailer confirmed on Friday, October 18, that the business had collapsed into administration putting thousands of jobs at risk.
It holds 318 stores across the country and has a shop on King Street in South Shields.
Despite the news, all currently remain open and no redundancies have been made at this time.
The firm has claimed that it will trade with no immediate job losses but that it will now assess options to secure the company’s future.
This is the second time that the brand has fallen into administration in seven years as it struggles with rising costs and lack of custom from high street shoppers.
In 2012, it was bought in a rescue deal by private equity firm Sun European Partners.
The company was floated on the London stock exchange and retail tycoon Philip Day purchased a majority stake in 2019.
A large number of shareholders sold their stakes to Mr Day, leaving him with 95% ownership.
Reacting to the news, many South Tyneside residents expressed their disappointment at the prospect of losing yet another high street store.
Commenting on the Gazette’s Facebook page, resident Susan Smith-nee Reay said: “Shame. My mam loved their clothes.
“Not much choice on the high street for the more mature customer.”
Tom Martin wrote: “I really hope someone saves this retailer, last thing we need is to lose another store from our high street.”
Libby Listens Bassnett said: “Didn't expect this.”
Ian Cormack sadi: “So sad. So many names disappearing.”
Valerie Nichol commented: “Wow its got some brilliant clothes in it.”
Stella Todd added: “Love that store.”
Sylvia Besnard said: “First shop I go to when looking for clothes.”
Janet Quigley added: “People are shopping online now, can only spend your money once.”