Pre-pack administrations attract a lot of attention, and a lot of the time, it’s negative. But this week, clothing retailer Bon Marche announced profits of £10 million, a year after entering a pre-pack administration.
Bon Marche currently has 261 stores on UK high streets, as well as an online platform and is looking into potential new sites across the country. The value clothing retailer was sold to a private equity firm, Sun European Partners when it’s previous parent company the Peacocks Group collapsed.
As part of the turnaround process, 160 Bon Marche stored were shut and 1,400 jobs were lost, making another gloomy recession headline. However, 12 months later, perhaps it’s time to concentrate on the flip side: 230 shops remained open (and more branches opened post-administration) and 2,400 jobs were saved and now the company is looking to expand, meaning the creation of more jobs.