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D2 bought out of administration by its management

D2 has been bought out of administration by its management team.

The deal means that 44 of the young fashion chain’s 76 stores will continue to trade, saving 500 jobs.

The management team, led by managing director Alan Kinney and supported by Jim McGonigle, originally bought the business from Sir Tom Hunter two years ago.

BDO was appointed as administrator on December 30.

Kinney said: “This deal is the quickest and most viable way of securing D2 as a business, as well as several hundred jobs.”

He added “It is clear that the former business could not cope with its continuing trading problems, especially in the light of the ongoing economic downturn and its impact on the high street. The new business will head firmly ‘back to basics’, concentrating on the youth market and above all on keeping our costs low. Our stores will be cleaner looking and will carry less stock than in the past – but the stock will be what people want, right now.”

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