// Dune joins race to rescue LK Bennett from administration
// The footwear retailer joins the likes of Mike Ashley’s Sports Direct and other bidders lodging expressions of interest
// LK Bennett’s UK operations fell into administration earlier this month, place 500 jobs at risk
Dune has reportedly launched a bid to buy LK Bennett from administration.
According to Sky News, the footwear retailer is thought to be among a number of parties to have lodged final bids for LK Bennett this week.
It is not known how much Dune has offered.
It is also not yet known who the other bidders are.
Sky News said LK Bennett’s administrator EY was now assessing the offers and is slated to select a preferred buyer within days.
LK Bennett’s 500 UK employees are at risk of redundancy and the future of its 39 stores and 37 concessions in the UK hangs in the balance after it fell into administration earlier this month.
The upmarket fashion retailer trades from around 200 branded stores globally, but its overseas store estate is not affected by the administration.
Sports Direct owner Mike Ashley has been linked with LK Bennett’s administration, after he reportedly put forward an initial offer earlier this month to buy it out of administration.
He acquired House of Fraser out of administration last summer in a pre-pack deal worth £90 million, followed by buying Evans Cycles out of administration during autumn.
Earlier this year he bought Sofa.com for a nominal sum while attempts to buy Patisserie Valerie and HMV out of administration earlier this year were both unsuccessful.