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.
Developer appeals over 'fundamentally flawed' Loch Lomond salmon farm rejection
Developers behind a rejected bid to create a new salmon farm near Arrochar have announced plans to appeal the decision.
Loch Long Salmon confirmed today that they have submitted an appeal for their proposed Beinn Reithe project.
Legislators not ‘working with people’ to create solutions
Two of Scotland’s most successful entrepreneurs have expressed their deep concerns that both the UK and Scottish governments are not working with ordinary people to reach the right decisions about finance and the future of the economy.
Speaking on the Go Radio Business Show With Hunter & Haughey, Lord Willie Haughey said: “Our friend Stuart Patrick, the chief executive of Glasgow Chamber of Commerce, has been in the news, having a go at the UK Government’s begging bowl mentality when it comes to the levelling-up funding."
Sign up for free: You can now get the briefing sent direct to your email inbox twice-daily, and Business Week for the seven-day round-up on Sunday 👇
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel