M&Co’s Stornoway store has survived a closure threat after being taken over by a new owner.
Troubled chain store retailer, M&Co, was put into administration by its McGeoch family owners, following financial problems.
Shop properties and trading assets have now been purchased by a new company called M&Co Trading under a pre-
Deloitte was appointed administrator in April. The incoming company was set up the following month but it took until now to complete arrangements.
Andy McGeoch, chief executive of both the old and the new firms, controls the new entity.
Some 47 of M&Co premises are shutting across the UK with 327 shop staff redundancies. A further 54 staff at its offices outside Glasgow and in London have also lost their jobs.
218 stores in towns across the country will remain open.
Underlying trends in trading was exacerbated by the impact of the pandemic said Mr McGeoch
He said: “It was obvious that the business, as previously structured, would remain under severe pressure from the ongoing challenges of Covid-
“It quickly became clear that best way to save most jobs and most stores was to enter administration, with a new company acquiring the assets of the old business, and this process has now been finalised.”
Stornoway fashion store saved under restructuring deal
August 2020