Thu, 24 Nov 2016 | ADMINISTRATION
Menswear retailer Austin Reed is to return to the high street with 50 new stores just seven months after it fell into administration.
Edinburgh Woollen Mill, which has acquired five concession stores and the rights to the Austin Reed brand, said the new shops will open by 2018 as part of a £100 million revival plan.
The first stores, including a flagship in London, are set to open at the end of next year. Edinburgh Woollen Mill has already launched the brand online.
Austin Reed, which was founded in 1900, fell into administration in April with the closure of 120 stores and the loss of 1,000 jobs.
Edinburgh Woollen Mill, owned by the entrepreneur Philip Day, has embarked on a major expansion plan and wants to open 200 stores across its group by 2018, creating around 2,000 jobs.
Steve Simpson, group commercial director of Edinburgh Woollen Mill, said Austin Reed would help the group deliver organic growth.
“By remaining debt-free and with a strong balance sheet, we are always ready to take advantage of any further opportunities through acquisitions, as and when they may arise,” he said.
Edinburgh Woollen Mill also operates the clothing chain Peacocks and fashion store group Jane Norman.
Find retail businesses for sale.
Retail businesses in administration
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.