LK Bennett, a beloved UK high street fashion retailer renowned for dressing the Princess of Wales, has once again filed for administration, casting uncertainty over its stores and employees. On January 14, the premium brand submitted a notice of intention to appoint an administrator at the High Court, kicking off a critical 10-day period to secure a new investor or buyer to save the business.
Once a global powerhouse with 200 outlets, LK Bennett’s UK presence has dwindled to just nine standalone stores and 13 concessions. This latest move marks the second time in recent years the company has entered insolvency proceedings. Previously, LK Bennett collapsed into administration in 2019 after struggling to find backing, but was rescued by its Chinese franchise partner Rebecca Feng, who edged out competition from Sports Direct’s Mike Ashley.
The brand, also favored by ITV star Amanda Holden and the Royal Family, temporarily suspended web sales as administrators from EY began steering a sale process aimed at preserving the business. Founder Linda Bennett, who launched the company in 1990, shared a heartfelt message to staff, emphasizing her relentless efforts to steer the company towards success despite these “difficult and unstable times.”
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Labour’s then-shadow business secretary Rebecca Long Bailey criticized government policies, linking the high street’s decline and falling consumer confidence to increasing retail insolvencies. She proposed a comprehensive five-point plan geared towards revitalizing high streets, including business rate reform and improved public amenities.
As LK Bennett navigates this uncertain chapter, the future of its remaining stores and workforce hangs in the balance, reflecting broader challenges facing the UK retail sector.