Clothing retailer D2 in administration
Semple Fraser have been appointed to act as solicitors to James Stephen and Dermot Power of BDO LLP as joint administrators of D2 Trading Limited.
D2, a retailer of clothing and footwear, went into administration on 30 December 2009. A total of 22 people were made redundant at the company's headquarters in Dundonald, Ayrshire. Two of the company's three stores in Dublin have been closed, with the loss of 39 jobs.
Administrators BDO were hopeful about selling all or part of the chain, which has 76 stores in the UK and employs about 800 people.
On 8 January 2010, a number of managers of D2 proposed a management buyout.
The deal, for an undisclosed fee, will see managers take on a large part of the existing business. They hope to retain more than 500 full and part-time staff and keep open 44 high street stores.
The buyout deal was led by Alan Kinney with his long-term business partner Jim McGonigle.
For further information please contact: Gordon Hollerin
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