M&Co clothing chain appoints administrators leaving future of Heswall branch in doubt
The future of M&Co in Heswall is uncertain after its parent company announced it was going into administration.
The privately-owned UK chain has blamed increasing costs and decreasing customer confidence for its downfall.
The fashion retailer has already closed stores in Dorset and Worcestershire over the past week.
The Renfrewshire-based company, which used to be known as Mackays, is one of Scotland's best known clothing chains.
It last collapsed in 2020 but assets were immediately bought back by the family that built it up.
Gavin Park, Adele MacLeod and Rob Harding of Teneo Financial Advisory Limited have been appointed as Joint Administrators for the Scottish-headquartered company.
It has 170 stores across the UK and employs around 1900 staff.
Gavin Park said "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 trading challenges.
"Despite a very loyal customer base, particularly in local markets, and a well-recognised brand, the current economic outlook has placed increasing pressure on the Company's cash position."
In a statement M&Co said: "The Joint Administrators are now exploring a potential sale of the business in an accelerated time frame, during which time the company will continue to trade from its stores and website."
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