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D2 re-enters administration

Young fashion retailer D2 has fallen into administration, closing 19 stores and making 200 staff redundant.

The administrator BDO is seeking a buyer for all or parts of the business and the remaining 28 stores are being run as a going concern.

The closure of the retailer’s website post-Christmas was one of the first signs that it was in trouble.

According to the BBC, the future of the retailer’s 16 stores in Northern Ireland are in doubt, due to tough trading conditions, though this has not yet been confirmed by BDO.

It’s the second time in two years that the retailer has gone into administration. In January 2010, it was bought out of administration by its management team, led by managing director Alan Kinney and supported by Jim McGonigle. The pair had originally bought the retailer from entrepreneur Sir Tom Hunter in 2008. The deal meant that 44 of the young fashion chain’s 76 stores continued to trade, saving 500 jobs.

D2 is the latest retailer to fall into administration. Before Christmas, La Senza announced it plans to enter administration, while Blacks Leisure is looking at a pre-pack deal that would allow its rival to cherry pick assets. Barratt Priceless, which went into administration the week before Christmas, has suffered 170 redundancies.

 

 

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