Denim chain D2 has appointed BDO Stoy Hayward as administrators.
D2, which sold a mixture of branded and own brand denim and young fashion, has 76 stores in the UK and three shops in the Republic of Ireland.
Two of the stores in the Republic of Ireland have closed, but the rest continue to trade while the administrator seeks a purchaser for the business.
Some 22 staff have been made redundant at D2’s head office in Ayreshire.
“The economic climate and difficult trading conditions have significantly affected the retail sector,” said BDO partner James Stephen. “We are continuing to trade the business and hope to sell all or part of the company as a going concern.”
D2 was formerly owned by Sir Tom Hunter, but he sold it in 2008 to a management buyout team led by managing director Alan Kinney and Jim McGonigle. McGonigle was a silent partner in the deal and continued to run Hunter’s USC chain.
In 2007 D2 recorded its first ever loss in its seven year history showing losses of £1.7 million on sales of £50m.