M&Co has gone bust. In a major retailing blow to Surbiton high street, the clothing shop chain has plunged into administration a fortnight before Christmas. Despite its windows being full of festive jumpers, and dramatic 25% pre-Xmas discounts being offered at what should be the busiest time of the year, all 180 branches of the
M&Co has gone bust. In a major retailing blow to Surbiton high street, the clothing shop chain has plunged into administration a fortnight before Christmas.
Despite its windows being full of festive jumpers, and dramatic 25% pre-Xmas discounts being offered at what should be the busiest time of the year, all 180 branches of the Scottish-based fashion store have shut, with the receivers casting around to find a buyer at an exceptionally difficult time for all traders.
Increased energy bills and a collapse in customer spending are being blamed.
A notice displayed on the Victoria Road branch of M&Co on Saturday morning (Dec 12) lists the names of the administrators. The store was in darkness and the glass doors bolted… although it did briefly open later in the day as it tries to sell off the existing stock.
A spokesman for the 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 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.”
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