Blue Inc in administration and up for sale
Menswear retailer Blue Inc has been placed into administration after turnaround specialists Begbies Traynor failed to find a buyer for the struggling business.
Blue Inc is the latest brand to fall victim of the high street crisis, joining a long list of national chains in what has been an extremely difficult year for UK retailers.
The company hired Begbies Traynor to find a buyer in November in an attempt to inject new money into the business after a CVA failed to take it back into the black.
Begbies Traynor said the chain’s remaining 31 locations will continue to trade as usual while discussions are being held about the future of the brand. At least two parties are understood to be interested in taking over some of Blue Inc’s stores, and there is one potential buyer who could acquire the brand
Blue Inc has had a difficult past few years. In 2016, one if its subsidiaries, A.Levy & Son was placed into administration and subsequently reacquired in a pre-pack deal.
This allowed the company to continue trading without its significant debts, but the move was not enough and Blue Inc entered into a company voluntary agreement (CVA) in 2017 to close more stores and renegotiate rents.
Previously chaired by ex-Marks & Spencer boss Lord Stuart Rose, Blue Inc was once set for a £60m stock market float.
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