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Bloomberg
UK fashion chain M&Co Trading Ltd has gone into administration after struggling to cope with higher costs and waning consumer appetite.
The retailer appointed Teneo to oversee the administration, seeking a possible sale of the business while M&Co’s 170 stores and website continue to operate, according to a statement. Around 1,900 staff are at risk of redundancy.
M&Co saw a jump in its costs at the same time as cash-strapped customers pulled back from spending, putting pressure on the company’s cash position, according to Gavin Park, senior managing director at Teneo.
The Inchinnan, Scotland-based business follows recent high-profile insolvencies from online furniture brand Made.com and fashion chain Joules.
Next Plc bought both of those companies out of insolvency, in the case of Joules with the help of founder Tom Joule.