Womenswear fashion chain Bonmarché has fallen into administration, with the future of nearly 2,900 jobs hanging in the balance.

The High Street clothing store, which targets the over 50s market, announced on Friday that it would continue to trade normally while administrators seek a buyer.

In June, the company reported poor first quarter trading, stating it was uncertain whether it would meet profit targets for the full year, mainly due to a weak clothing market and unseasonable weather.

The company employs 2,887 people - including 200 staff at its head office and has a 318-strong store network in the UK - alongside online and telephone shopping.

A statement from the company said that directors decided to place the business in administration following a “sustained period of challenging trading conditions and cashflow pressure, which meant the business was unable to meet its financial obligations as they were due”.

The joint administrators will now continue to trade Bonmarché while assessing options to secure a future for the business. All stores are currently open and no redundancies have been made.

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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