LK Bennett will go into administration later today, Drapers understands.
A source close to the situation has told Drapers that its founder, Linda Bennett, has today appointed accountancy firm EY as the administrator.
The LK Bennett website has been taken offline.
The source said: “Linda was exploring whether she could save the business, but she’s called it a day. She’s letting it go into administration today. She’s in a too difficult situation and is emotionally quite drained with what’s happened to the business.”
Drapers has contacted LK Bennett and EY for comment.
It comes after the womenswear business filed a notice of intention to appoint EY as administrator last week, if no new investment could be found.
The company cited rising business rates and rents as the reason for the potential administration. It was in talks with an investor, but no deal was forthcoming.
Bennett previously appointed AlixPartners to undergo a strategic review of the fashion retailer, before axing the consultancy firm shortly afterwards.
LK Bennett’s most recent results, for the year to 31 July 2017, showed an operating loss of £5.9m.