MCR completes sale of retailer Ethel Austin
Geoff Bouchier, joint administrator said: “This is positive news for the 1,183 employees who were facing an uncertain future. We are pleased with the result and believe this is a suitable outcome, especially considering the tough market and the lasting financial pressures from the recession.”
At this stage no purchaser has come forward for any of the remaining 41 stores scheduled to close during the next two weeks.
The Au Naturale business is unaffected by this announcement, although negotiations continue and the administrators expect to be in a position to conclude a sale shortly. MCR were appointed Joint Administrators of Ethel Austin Limited and Au Naturale Limited on 8 February 2010.
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