SCOTTISH RETAILER M&CO FALLS INTO ADMINISTRATION

Well known clothing retailer M&Co has announced that it is going into administration just two weeks before Christmas.

Founded in Paisley in 1834 as a pawnbrokers the business then known as Mackays moved to selling clothes in 1951. They rebranded the brand as M&Co in 2005.

Administrators were called in on Friday before statements confirming the news were published to the Facebook pages of a number of the retailer’s branches.

The message added that staff still hoped the “lovely shops will be saved”, but warned customers that they would not be able to do cash refunds.  Loyalty cards and reward vouchers will also not be accepted. 

The firm employs more than 1900 staff across the UK however, no immediate redundancies have been made and administrators are exploring a potential sale of the business.

Teneo Financial Advisory has been appointed joint administrators. Gavin Park, Joint Administrator 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.”

The fashion giant has 170 stores across the UK as well as an online platform. 

A statement from the Largs branch of the store adds: “We are hoping for a positive outcome and that our lovely shops will be saved but in the meantime, there are a few things we would like our customers to be aware of.

Currently, we are unable to process refunds back to original payment, we can exchange only any goods for the same value or above, this also includes items purchased through the website. We are currently not scanning loyalty cards to add points and we cannot accept reward vouchers.

The 25% off full-price discount is now open to all customers who shop with us and will continue for the foreseeable.”