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Scottish retail chain D2 Jeans runs into administration
30
Dec '11
Dundonald, Ayrshire-based Scotland's jeans retailer D2 Jeans has slipped under administration rendering 200 workers unemployed and putting hundreds of others under the threat of redundancy.

D2 Jeans became the first big retail casualty post-Christmas this year, as administrators shut 19 of the chain's outlets in the UK, including six in Scotland.

However, while the administrators look out for a buyer for the entire business or a part of it, the remaining 28 outlets are still being operated as a going concern, in an expectation of saving jobs of hundreds of other existing employees.

According to administrator James Stephen of BDO LLP, the retail industry has been badly hit by adverse economic scenario and extremely tough trading conditions.

He, however, added that he is positive about securing a sale deal for whole or a part of the D2 Jeans business, and the trade at 28 stores would go on normally while this is materialized.

It is for the second time within last two years that the retail chain, founded by Scottish entrepreneur Sir Tom Hunter, has slipped under administration.

Last time, the firm's management agreed to acquire over 40 of its stores out of administration, saving about 500 jobs. However, some 32 outlets with 300 employees were still left out of the deal.

D2 Jeans operates its outlets all across Scotland, Wales, UK and Northern Ireland.

Fibre2fashion News Desk - India


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