M&Co enters administration
Fashion retailer M&Co has entered administration for the second time in just over two years.
After being impacted by rising costs and a decline in consumer confidence during the cost-of-living crisis, the Scottish company has appointed administrators from financial advisory firm Teneo.
The move has put almost 2,000 jobs at risk. The retailer operates 170 stores across the UK.
M&Co is now looking to pursue a sale “in an accelerated timeframe”.
The administrators said no immediate redundancies have been made across the retailer’s workforce of 1,910 and that M&Co’s stores and website will be trading as usual.
Gavin Park, senior Teneo managing director, 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.”
M&Co entered pre-pack administration in the summer of 2020 when its assets were sold back to its founding family.
