Mon, 06 Feb 2023 | ADMINISTRATION
Scottish clothes retailer, M&Co has been bought out of administration, however, its 170 stores are not part of the deal.
AK Retail Holdings, which owns Yours Clothing, Long Tall Sally, BadRhino and Bump It Up Maternity, has bought the brand and intellectual property for an undisclosed sum
M&Co announced its store closures via Facebook, it’s post said: “Unfortunately we haven’t received the news we would have hoped for during our administration period, and would like to share this news with you.
“As we haven’t received any funded, deliverable offers that would result in the transfer of the company’s stores or staff to a potential buyer, this means that all of our stores will close.
“The M&Co Brand has been purchased, but unfortunately this does not include a future for our stores, website or staff.
“We will trade all of our stores until Easter, and then begin the close-down process.”
As well as the store closures, the administration came with a number of redundancies, including several senior staff members, such as chief financial officer Iain Scott and head of marketing Gerard Gavan.
M&Co previously went into administration in 2020 and lost 47 stores and 380 staff, however, assets were immediately bought back by its Scottish owners, the McGeoch family.
M&Co was originally known as Mackays and was established as a pawnbroker in Renfrewshire, Scotland in 1834. Led by the McGeoch brothers, the company began selling clothes in 1953 and re-branded as M&Co in 2005.
AK Retail Holdings’ Chief executive Andrew Killingsworth said that he is delighted that this longstanding brand would be kept alive.
“At the moment we are considering all options as we continue to work with our online, third-party partners and others.”
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