Menswear retailer Blue Inc has been placed into administration after attempts to find a buyer for the business failed.
Begbies Traynor was appointed last week and is now said to be in talks with two potential buyers for some of its remaining 31 stores, and one potential bidder for the brand.
Blue Inc had been struggling for some time and in March last year launched a CVA. In the 12 months to 2 July 2017, it recorded losses of £2.6m on sales of almost £50m.
Padma Textiles and logistics company Uniserve raised £2.6m in funding to save the retailer, which resulted in its bosses Miraj Khan and Yechezkel Yechiel, becoming co-chief executives of Blue Inc in April of this year.
The remaining stores will remain operational while the retailer’s future is worked out.
Blue Inc was once tipped for a £60m float under its former chairman Lord Rose.