Blacks Leisure to enter Administration

Another struggling high street name is going into administration, albeit briefly, as the administrators put together a pre-pack administration deal to salvage as much of the group as possible and the jobs of the 3,500 staff currently employed by the group.

Over 200 Milletts and 100 Blacks outlets are involved, that specialise in outdoor clothing and camping equipment and a number of bids are on the table for elements of the group, which will emerge debt free and with non performing shops closed. One of these is believed to come from a company run by "Dragon" Peter Jones.

Current shareholders are unlikely to benefit from the deal however and it will not be clear for sometime how many jobs will be saved by this action and what level of reimbursement creditors will receive - if any.