MCR completes sale of retailer Ethel Austin
MCR, the administrators of value clothing retailer Ethel Austin has announced a sale of the companys business and assets that includes 90 of its stores to Life & Style Retail Limited, a newly incorporated company set up by Ethel Austins former owner Elaine McPherson. The agreement was completed on 31 March 2010, with effect from 26 March 2010.
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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