Menswear retailer Blue Inc has been placed into administration, after the struggling business failed to find a buyer.
Corporate recovery company Begbies Traynor placed the company into administration last week, after being brought on board in November to advise on the future of the business.
Discussions are said to be underway with two parties interested in taking over some of Blue Inc’s 31 store estate, as well as one potential buyer of the brand.
In a statement, a spokesman for Begbies Traynor confirmed that the business entered administration on 10 December, and that all 31 stores will remain operational while discussions over the brand’s future continue.
The embattled menswear retailer entered into a company voluntary arrangement (CVA) in March 2017 and reduced its store count from 153 to 96 by July 2017.
The business made a loss of £2.6m in the 52 weeks to July 2017. Turnover was £49.7m, up from £23.4m, with gross profit from trading standing at £22.5m, almost double the £11.9m reported in the previous period.