FASHION retailer Austin Reed is to close all of its stores by the end of June after administrators were unable to find a buyer for the entire business.
Administrator AlixPartners said it would wind down the estate with all stores anticipated to close by the end of June, affecting around 1,000 staff in 120 locations.
Peter Saville, Kevin Coates and Catherine Williamson of AlixPartners were appointed joint administrators over Austin Reed in April after the 116-year old menswear chain collapsed days after BHS entered administration.
“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,” said Saville.
“As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate.”
Five of the concessions located in Boundary Mills outlets have been sold to AR Operations Limited. The sale of these concessions resulted in the transfer of 28 staff to the buyers. In addition, the Austin Reed and Country Casuals brands were sold to Border IP Limited.
British business leaders are not optimistic about the future, according to a new business survey
Senior finance appointments parachuted in as investigation finds Redcentric overstated profits by £20m
Prime minister May outlines tax incentives to boost high-tech business, and further corporation tax rate cuts, to the CBI
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations