The future of Bonmarche's Gloucester store will be decided by a "profitability assessment" by new owners, if a takeover bid is successful.

The struggling high street clothing retailer is the subject of the mandatory bid made by Spectre, the investment company owned by Phillip Day, owner and CEO of the Edinburgh Woollen Mill.

Under the proposals the new owner would undertake a "store by store profitability assessment" of its 312 plus stores nationwide with some closures expected.

Spectre already own in excess of 52.4 per cent of shares in Bonmarche, above the 30 per cent threshold for making a takeover approach.

Its offer values the retailer - who have an outlet on Gloucester's Northgate Street - at £5.7million.

As well as the Edinburgh Woollen Mill, Day has stakes in Peacocks, Austin Read and Jaeger.

In an announcement to the London Stock Exchange this morning, Spectre noted a recent trading update that Bonmarche was set to make losses of between £5-6million this year.

The statement said: "Against the backdrop of the significant decline in Bonmarché's profitability, Spectre believes it is well positioned to provide advice, guidance and support to secure the long term future of the Bonmarché business, its stores and employees.

"The owner of Spectre, Philip Day, has a successful track record within the retail sector, especially in turnaround and distressed situations.

"It is Spectre's intention to ensure the long-term future of the Bonmarché business as a retailer of women's clothing and accessories through a portfolio of profitable stores and concessions across the UK and via other channels."

It confirmed that a "store-by-store profitability assessment will take place with the intention of identifying all current stores that do not make an acceptable contribution to the performance of the business."

But it also warned of a "material reduction" in the headcount of staff across the group. 

As well as the Northgate Street store, Bonmarche has outlets in Newerne Street, Lydney and in Labels, Ross-on-Wye