Value menswear retailer Blue Inc is on the verge of going into administration, according to industry sources.
Multiple sources have told Drapers the business has already lined up administrators.
A property source said: “It is no big surprise as the business has been struggling for a while. It won’t have too much impact for landlords as it is not a massive business.”
One insider told Drapers the business closed several stores over the weekend.
Another source said there was already interest in acquiring the brand and some of its store estate out of administration, and negotiations are underway.
As reported by Drapers earlier today, Blue Inc has appointed insolvency practitioner Begbies Traynor to advise on the future of the business.
A spokeswoman for Begbies said: “We can confirm Begbies Traynor has been appointed by the directors of Blue Inc to advise on the company’s financial position. While these discussions are in progress, the business continues to trade as usual.”
However, the Blue Inc website was taken offline on 12 November and is displaying a message saying it is “refreshing its look”.
The troubled menswear retailer entered into a company voluntary arrangement (CVA) in March 2017 and reduced its store count from 153 to 96 by July 2017.
Drapers has contacted Begbies Traynor for further comment.