A fashion store in The Galleries that has been plagued by difficulties is at risk of being shut down following a deal to take over the chain.
Billionaire retail tycoon Philip Day, who owns the Edinburgh Woollen Mill group, has snapped up Bonmarche for around £5.7million.
Mr Day says he is planning a “material reduction” in jobs at the chain and will assess and shut loss-making shops.
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The retail boss already owned shares in Bonmarche but has now acquired a 52.4 per cent stake through his Dubai-based investment vehicle Spectre.
Spectre will acquire the rest of the shares as part of the deal.
Mr Day says he is "well positioned to provide advice, guidance and support to secure the long term future of the Bonmarché business, its stores and employees".
Bonmarche, like many other high street retailers, has been battling to remain profitable in recent times.
Just last month the retailer announced that it was expecting to lose between £5million and £6million this financial year.
If Mr Day cinches the deal the business will become private and the shares will be delisted.
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Spectre said in a statement: "The owner of Spectre, Philip Day, has a successful track record within the retail sector, especially in turnaround and distressed situations.
“In light of the recent trading performance and the loss making position of Bonmarche, Spectre's current intention is to reduce the cost base to a sustainable level whilst minimising the impact on operational performance."
Bonmarche has not commented on the offer.
The chain is the latest in a long list of Bristol high street retailers that have come under pressure in 2019, including Mother Care, Debenhams and Paperchase.
