A historic Scottish retailer has said it is to close its stores with the expected loss of 2,000 jobs.

M&Co, which started as a pawnbroker in 1834 and later rebranded from Mackays, is expected to close all 170 of its stores, including around 50 in Scotland.

It posted on Facebook: "Unfortunately we haven't received the news we would have hoped for during our administration period, and would like to share this news with you.

"As we haven't received any funded, deliverable offers that would result in the transfer of the Company's stores or staff to a potential buyer, this means that all of our stores will close.

"The M&Co 'brand' has been purchased, but unfortunately this does not include a future for our stores, website or staff.

"We will trade all of our stores until Easter, and then begin the close-down process. We will update you closer to the time, of our actual closing date."

The firm was founded in Paisley, Renfrewshire in 1834 before focusing on clothing and rebranding.

Retail Week reported that M&Co was bought out of administration by Peterborough-based AK Retail Holdings, which owns Yours Clothing, for an undisclosed sum in a deal that did not include the physical stores.


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