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Fashion brand L.K.Bennett has become the latest high street store to enter administation.
The mid-range brand loved by the Duchess of Cambridge, sadly announced plans to close stores around the UK yesterday (March 8).
Earlier this month, reports emerged that company founder Linda Bennett emailed staff to inform them of the company's situation and her intention to shut stores.
The brand has appointed accountancy firm EY to manage the administation and has already closed the doors of five stores across the UK, in London, Sheffield, Bristol and Liverpool.
Good Housekeeping Finance Editor, Kalpana Fitzpatrick, explained: "When a company goes into administration, it means an insolvency firm has been appointed to take control of it and collect what money it can for creditors by selling or utilising all assets.
She added: "The cash is distributed in order of priority, and as the consumer, you're at the bottom of the list."
Kalpana suggests, "if you have a gift card for LK Bennett, don't throw it away just yet – see if you can still spend it in-store and use it immediately."
While trading at other stores will continue as normal, the website is currently down.
The brand was founded by Linda Bennett in 1990 and has been a celebrity favourite over the years.
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