BRITISH WOES: British men’s wear retailer D2 has entered into administration, the U.K. equivalent of Chapter 11 bankruptcy protection. BDO LLP was appointed on Wednesday as the administrator to the business, which is registered under the name A&J Menswear (Retail) Ltd. The business has made 200 layoffs since it went into administration and 19 stores have been closed. BDO intends to continue trading D2’s remaining 28 U.K. stores, which carry denim and streetwear brands such as Kickers, Firetrap and Nike, with a view to selling all or part of the company as a going concern. James Stephen, business restructuring partner at BDO LLP, said: “It is unfortunate that the economic climate and extremely difficult trading conditions have significantly affected the retail sector. However, we are hopeful of securing a sale of all or part of the company, and will continue to trade the business whilst this is explored.”
D2 was originally set up by retail entrepreneur Sir Tom Hunter in 1999, but he sold the chain to its management in 2008. The chain entered administration in December 2009. Thirty-two stores closed, with management buying out the remaining stores.
This story first appeared in the December 30, 2011 issue of WWD. Subscribe Today.