Clothing chain M&Co to close stores as buyout does not include shops or staff
Clothing retailer M&Co is to shut all of its stores later in the spring after being bought out of administration.
The Scottish chain was bought by AK Retail after being put into administration for the second time in December.
However, branches around the UK announced on social media that the deal did not include the stores or staff.
M&Co has about 170 branches around the UK.
In a post on Facebook, the stores 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. We will update you closer to the time, of our actual closing date.”
M&Co, previously known as Mackays, is said to have started as a pawnbroker in Paisley, Renfrewshire, in the 19th century but switched to selling clothes in the 1950s.
AK Retail said it is “considering all options”.
The Peterborough company, owners of Yours Clothing, BadRhino, Long Tall Sally and Pixiegirl, last week announced that it had purchased the M&Co brand from the administrators for an undisclosed sum.
AK Retail said: “M&Co was put into administration for the second time in December.
“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.”