Employees at Scotland headquartered fashion chain M&Co are now facing an uncertain future after the business fell into administration for a second time. M&Co employs more than 1,900 workers and operates 170 UK stores.
Teneo was confirmed as administrators on Friday by the retailer. M&Co collapsed in 2020 but its assets had been acquired by the family behind the business enabling it to continue to trade, albeit with a trimmed-down chain of stores and reduced headcount.
Teneo confirmed that it would continue to trade the business whilst a buyer is sought.
Gavin Park, joint administrator, Teneo said: “Like many retailers, the company has experienced a sharp rise in its input costs, which has coincided with a decline in consumer confidence leading to trading challenges.
“Despite a very loyal customer base, particularly in local markets, and a well-recognised brand, the current economic outlook has placed increasing pressure on the company’s cash position.”