Redundancies are reportedly looming at fashion retailer LK Bennett as its shops gear up to close by the spring.
A total of 89 staff members could lose their jobs as the brand’s stores are set to trade for a maximum of three months before closing, Drapers reported.
The news comes after LK Bennett was acquired by investment firm Gordon Brothers on Thursday (28 January) under a deal that saved the brand and its intellectual property, but did not include its shops.
LK Bennett employs 145 workers in total throughout the UK and Ireland to date, Drapers understands.
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A total of 89 staff members work across the business’s store estate, including nine standalone shops and 13 concessions, which are anticipated to trade for a period of “up to three months”.
It is unknown whether the company’s 56 head office workers will stay at LK Bennett after the acquisition.
Speaking to Drapers, Alvarez & Marsal joint administrator and senior director John Noon said: “Our intention is to continue to trade the remaining portfolio of stores and via the concession partners for a period of up to three months.
“We are pleased to have concluded this transaction which will preserve the LK Bennett brand and its heritage of craftmanship and quality for which it has been historically renowned.”
Retail Gazette has contacted LK Bennett for comment.
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