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High-end fashion chain LK Bennett has lined up an administrator for the business as it desperately seeks funding to stay afloat.EY will oversee the insolvency if no new investment can be found, according to Sky News which first reported the news. The firm, which counts the Duchess of Cambridge among its customers, has about 130 shops in the UK and overseas, Famed for its kitten-heel shoes, it was founded by Linda Bennett in 1990.Ms Bennett said her aim was to bring "a bit of Bond Street luxury to the High Street".
She sold her majority stake in the chain to private equity firm Phoenix Equity Partners in 2008, but in 2017 returned to advise the business after the retailer started to struggle.The chain made an operating loss of nearly Tough environment
LK Bennett is one of a string of well-known names suffering in a tough High Street environment.Last year, Poundworld, Toys R Us and Maplin all went bust and disappeared from British High Streets altogether. Other household names - Homebase, Mothercare, Carpetright and New Look - were forced into restructuring deals with their landlords, closing hundreds of stores.Music chain HMV recently fell into administration before being bought. Uncertainty over Brexit, which sparked a fall in the pound and therefore raised the price of imported goods, as well as rising labour costs, higher business property taxes and the increasing popularity of online shopping have all contributed to retailers' woes.
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