Scottish retailer M&Co enters administration
It's understood no immediate redundancies have been made and the administrators are exploring a potential sale of the business
Scottish clothing retailer M&Co has entered administration.
The company, which has outlets across Scotland, has warned customers they would not be able to do cash refunds meantime. Loyalty cards and reward vouchers will also not be accepted.
A spokesperson said: "We hope you will appreciate this is also a difficult time for staff working in the stores and we ask for respect and understanding when raising an issue.
"Gavin Park, Adele Macleod and Rob Harding were appointed as joint administrators of M&Co Trading Ltd ("The Company") on the 9th of December 2022."
It's understood no immediate redundancies have been made and the administrators, who were called in on Friday, are exploring a potential sale of the business.
Statements confirming the news were published to the Facebook pages of a number of the retailer's branches.
The Largs store page added: "We will be doing our best to keep a positive shopping environment for all our customers and despite the circumstances we remain positive!
"We hope to see many shoppers about over the Christmas period and will do our best to help in all ways possible."
A sharp rise in costs is being blamed, along with difficult trading conditions during the Covid pandemic.
A spokesperson for the administrators is quoted as saying: “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 increased pressure on cash flows and trading losses.
“No immediate redundancies have been made and the joint administrators are exploring a potential sale of the business in an accelerated timeframe, during which time the company will continue to trade from its stores and website.”