120 Austin Reed stores to close with loss of 1,000 jobs

Austin Reed will close 120 stores after administrators to the collapsed menswear retailer failed to find a buyer for the entire business, resulting in the loss of approximately 1,000 jobs.
Several indications of interest were insufficiant to save the chainstoreSeveral indications of interest were insufficiant to save the chainstore
Several indications of interest were insufficiant to save the chainstore

Edinburgh Woollen Mill, headed by Philip Day, has acquired the 116-year-old chain’s brand and five concessions, but did not want to take on the entire store estate.

Administrator AlixPartners said “no viable offers” for the rest of the business could be found.

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Peter Saville of AlixPartners said: “We have explored all options to sell the business since our appointment and continued to trade the business with the support of the secured creditors in what is clearly an extremely challenging retail environment.

“Despite a significant number of interested parties coming forward during this period it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming. As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate.”

The 120 stores will now be sold off to other retailers.

Austin Reed fell into administration in April and the news comes amid a torrid time for the high street, with the fate of department store chain BHS set to be revealed later this week.

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