Jobs and stores at risk in Austin Reed collapse
By the end of June all 120 Austin Reed stores will close, according to the administrator, and 1,000 jobs will be lost.
AlixPartners said winding down the retailer, which also owns Viyella and CC, is a result of having had ‘no viable offers’ for the business.
The 116-year old brand fell into administration last month, citing the ‘challenging’ retail market and cashflow issues.
In a report by the BBC Peter Savile, joint administrator, said: “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.
“As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate.”
However it adds that five Austin Reed concessions, the brand and County Casual (CC) brand, have been sold to the owners of the Edinburgh Woollen Mill, so far resulting in the transfer of 28 staff.