A MAJOR clothing brand has plunged into administration, putting its 180 stores at risk.
Fashion company M&Co has announced its collapse after losing the same battle “many retailers” have fought amid the Covid pandemic.
Staff now say they are facing sleepless nights as they anxiously wait to find out what will happen to their jobs.
The longtime retailer, which sells fashion and homewares, announced it had gone into administration on social media.
One store wrote on Facebook today: ‘To all of our amazing customers, this is not an easy message to deliver.
“M&Co entered into administration on December 9, 2022.
“We hope for a positive result and that our beautiful shops will be saved.”
The message said there was now a 25% discount for all customers, which “will continue for the foreseeable future”.
He also said they were no longer able to process refunds, but could redeem merchandise and would not scan loyalty cards or accept reward vouchers.
The message continued: “We will do our best to maintain a positive shopping environment for all of our customers and despite the circumstances, we remain positive.
“We hope to see many buyers over the Christmas period and will do our best to help you in any way we can.”
The company, which was founded in 1961 and has around 180 stores across the UK, has appointed Teneo Financial Advisory as administrator.
A Teneo spokesperson told Drapers: “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 flows. cash flow and business losses.
“No immediate layoffs have been made and the joint administrators are considering a possible sale of the business on an expedited basis, during which time the company will continue to trade from its stores and website.”
But one member of staff was already asking customers to ‘pray for a positive outcome’.
Frances Thomson, who has worked in one of the Scottish stores for seven years, said the news and fear of what was to come kept her awake at night.
Frances wrote on Facebook: “Here we go again…can’t sleep.
“To each of you, our amazing customers, thank you for all the hugs and kindness you all showed yesterday.
“It is with heavy hearts that we heard some sad news on Friday.
“M&Co my second family has gone into administration. We are devastated.”
“It’s been the most amazing company to work for.”
She said her co-workers and clients have become her family and friends.
Frances continued: “Yesterday we all looked good, but there were a lot of tears from ourselves and our customers who were devastated by this news.
“Please pray for a positive outcome upon which we will be redeemed.
“But in the meantime, we need your support, come shop with us and show that we are needed on the high street.”