Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Fashion retailer LK Bennett has entered administration which has resulted in the immediate closure of five of the chain's 39 shops causing 55 redundancies. The chain employs 500 staff and all of the jobs are reported to be at risk, though the administrators have stated that trading will continue as they continue to seek investment to secure the long term future of the business. The failure of the company, favoured by many high profile people including the prime minister, has raised questions about the future for high street retail. The shadow business secretary commented on the announcement by drawing attention to the opposition's five point plan to save high streets.
UPDATE 22/04/2019:
It was announced on 12th April 2019 that a further 110 jobs will be lost from LK Bennett in addition to the 55 previously reported. The latest redundancies affect workers of the 15 shops that will be closed because the company’s new owners, Byland UK, did not buy these shops out of administration. The rest of the company will continue to operate and 325 jobs have been saved by the deal.
The total number of redundancies now stands at 165 and a total of 325 jobs have been saved.
Eurofound (2019), LK Bennett, Bankruptcy in United Kingdom, factsheet number 97384, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/97384.
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