Ethel Austin bought out of administration
Fashion retailer Ethel Austin has been bought out of administration.
The brand and 32 of its remaining 41 stores have been acquired by Ricli Limited which is controlled by Liric owner Mike Brasso. The company will complete a phased takeover of the 32 stores and their 196 staff by 10 August.
Administrators Duff & Phelps said that Ethel Austin’s remaining stores, head office and warehouse will continue to trade while they seek buyers. However, the Batley and Wednesbury stores are to close with 15 staff made redundant. The administrators said this was due to landlords demanding that Ethel Austin vacate the stores immediately.
The news has been given a cautious welcome by shpopworkers union Usdaw.
Ethel Austin went into administration earlier this month, the fourth time since 2008.
