Austin Reed stores to close with loss of 1,000 jobs
Administrators for the failed Austin Reed clothing chain have said that all 120 stores will close at the end of June with the loss of 1,000 jobs.
Although Edinburgh Woollen Mill has bought the Austin Reed brand and five of its concessions, administrators AlixPartners said there had been no viable offers for the rest of the business.
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.”
