Another Brand Is Bankrupt! Britain'S High-End Clothing Brand LK Bennett Is No Longer Leading.

Mike Sports (Mike Ashley) Sports Direct group, footwear specialist Dune and franchisee RebeccaFeng are in the lead position in the acquisition of the high-end high-end fashion and footwear enterprises LK Bennett.

According to people familiar with the matter, after the loss of investment interest by PhilipDay, a retail entrepreneur, Philip's competition for the closed chain store has narrowed.

The famous customers of this chain include the Duchess ofCambridge of Cambridge and the Theresa May of British Prime Minister Theresa.

LK Bennett entered the bankruptcy management process in March.

The high rent of its UK stores, coupled with the fierce competition for cheaper brands, made it difficult.

Dai's spokesman said that the Dubai based entrepreneur could not find reasons to pay high prices.

Dai started his fortune from Edinburgh Woollen Mill, and now owns high-end brands such as Jaeger, AustinReed and Jacques Vert.

The spokesman said: "our interest is always limited. We do not want to get involved in a bidding war.

As a result, we think it is best to withdraw from this process. "

A person familiar with the matter said that Dune and Feng, which owns LK Bennett products in China, now seem to be in a favorable position.

The LK Bennett has 12 stores in the United States and France, and 36 franchises in Europe and the United States, the person familiar with the matter said.

He added: "Dune is very interested in acquisitions, but the question is whether they really want this brand, not all stores."

This is also a problem for Dai.

Another person familiar with the matter said Ashley submitted a competitive offer as if he were serious about acquiring the company.

Although Sports Direct is famous for cheap sportswear and accessories, it also controls Flannels, a high-end boutique with 26 stores in the UK.

Last year, it bought the House of Fraser, made it bid farewell to bankruptcy management procedures, and promised to pform the ailing department store into "Harrods ofthe High Street on Commercial Street" to restore the high-end brand in its store. "Harold Fraser"

LK Bennett is sold through the franchise counters at a number of House of Fraser stores.

Since she bought the company in 2017, she has provided additional financial support to LK Bennett. She is believed to be reluctant to see the company enter bankruptcy management procedures.

At present, EY, the LK Bennett bankruptcy administrator, hopes to reach agreement on the sale of British business as early as this week.

A spokesman for the company declined to comment on the timing.

LKBennett is in trouble partly because of the high cost of its UK stores, but its product has become too popular, and it is too aggressive in pricing, compared with competitors such as Hobbs and Reiss.

It is suggested that the company return to the foundation of footwear business and abandon the competitive clothing market.

Most observers believe that more of the 37 stores in the UK will be closed down.