Base Menswear enters administration

Base Retail, parent company of Base Menswear, has appointed restructuring firm Portland as administrator,

after blaming the middle-market market squeeze on menswear and excessive rates.

Four of the brands stores have been closed so far at Lakeside, Watford, Bromley and Luton, with at least 10 people losing their jobs. The five remaining stores in Basildon, Bluewater, Romford, Stratford and White City will continue trading while the administrator finalises the amount of debt left and payments to creditors.

“The men’s business has been challenging with a capital ‘C’ for a number of years. We have seen our market diminish to a point where it’s become unsustainable. After poor Christmas trading, I had no choice but to take this action,” managing director Marc Granditer told Drapers. “Rents are always difficult, but generally landlords are receptive. The real problem is the rates – the absurd situation in some of our stores where we were paying twice as much rates as rent.”

Base Childrenswear remains unaffected, as it is registered as a separate entity on Companies House, with the company expected to focus on the children’s market going forward.