High street retailer Bonmarché the latest of stores to take financial hit as it slumps into administration

Bonmarché is the latest of high street retailers to slump into administration.

The high street retailer, which has a store in Newark Town Centre, is one of many companies which has taken a financial hit.

After a period of challenging trading conditions it was announced Bonmarché's 318 stores across the UK will continue to trade as the business is put up for sale.

The over-50s womenswear retailer was placed into administration by its directors after it found the business was unable to meet its financial obligations.

The company employs 2,887 people including 200 staff at its head office.

Tony Wright, joint administrator and partner at FRP Advisory, said: "Bonmarché has been a staple on the UK high street for nearly three decades, but the persistent challenges facing retail have taken their toll and led to the administration.

"There is every sign that we can continue trading while we market Bonmarché for sale and believe that there will be interest to take on the business."

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