M&Co appoints Teneo following administration
Clothing retailer M&Co has appointed administrators as it collapsed for a second time in just over two years.
M&Co, which currently has 170 stores across the UK, said it has appointed administrators from financial advisory firm Teneo, with the aim of pursuing a sale “in an accelerated timeframe”.
It last collapsed in 2020 but assets were almost immediately bought back by the family that built the business. 47 stores were closed as a result and some jobs were subsequently cut.
The administrators stressed that “no immediate” redundancies had been made among the company's 1,910 staff and its website and stores would continue to trade as normal.
Gavin Park, Senior Managing Director at Teneo, said: “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 trading challenges.
"Despite a very loyal customer base, particularly in local markets, and a well-recognised brand, the current economic outlook has placed increasing pressure on the company’s cash position.”
M&Co informed consumers "We are hoping for a positive outcome and that our lovely shops will be saved but in the mean time there are a few things we would like our customers to be aware of. Currently we are unable to process refunds back to original payment, we can exchange only any goods for the same value or above, this also includes items purchased through the website.
"We are currently not scanning loyalty cards to add points and we cannot accept reward vouchers. Gift cards can be accepted at this time as long as the total transaction is twice the amount of the gift card. Eg to use a £10 gift card, the sale must be minimum £20. The 25% off full price discount is now open to all customers who shop with us and will continue for the foreseeable."