Footwear chain Dune tables offer to save struggling retailer LK Bennett
Footwear chain the Dune Group has tabled an offer for LK Bennett as the struggling fashion retailer’s administrators prepare to select a buyer.
Dune, which operates 40 standalone stores and 175 concessions in the UK, was one of a handful of potential buyers to submit final bids earlier this week, Sky News reported.
Read more: LK Bennett collapses into administration
EY, LK Bennett’s administrator, is currently assessing the offer and is expected to select a buyer in the next few days, according to the report.
The offer comes weeks after founder Linda Bennett, who bought back the business in 2017, drafted in consultancy firm Alix Partners to advise on options for the firm’s future. But the fashion chain ultimately fell into administration, putting roughly 500 jobs at risk.
LK Bennett is the latest in a string of recent administrations among high street retailers, which are struggling to stay afloat amid torrid trading conditions. Last summer it emerged the chain had made an operating loss of nearly £6m in the previous 12 months.
Sports Direct tycoon Mike Ashley, who is currently locked in a dispute with Debenhams board members, is reportedly one of the bidders for the company. Bennett, who founded the chain with a single shop in Wimbledon in 1990, is also thought to be preparing an offer.
Read more: Struggling fashion chain LK Bennett files for administration
But it is unclear who has made it to the final round of bidding and how much Dune has offered.
EY and Dune declined to comment. LK Bennett has been contacted for comment.