Bargain clothes seller M&Co has fallen into administration, putting nearly 2,000 jobs at risk.
Teneo Financial Advisory has been named administrator of the bargain clothes retailer, which has about 180 outlets in the UK.
Teneo Financial Advisory is looking into selling the company.
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A spokesman for Teneo told Drapers: “Like many retailers, the company has experienced a sharp rise in its input costs, which has coincided with a decline in consumer confidence leading to increased pressure on cash flows and trading losses.
“No immediate redundancies have been made and the joint administrators are exploring a potential sale of the business in an accelerated timeframe, during which time the company will continue to trade from its stores and website.”
The Financial Times M&Co’s has 1,910 staff and added the company’s website and stores would continue to trade as normal.
In August 2020, M&Co entered administration before being acquired by its Scottish owners, the McGeoch family, in a pre-pack transaction that resulted in the closure of 47 locations.
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The retailer closed two locations last week in Droitwich, Worcestershire, and Dorchester, Dorset.
Source: Retail Gazette
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