Major update on high street fashion brand after plunging into administration and shutting 170 stores
THE future of a major fashion retailer has been revealed after it plunged into administration and shut all of its 170 stores.
M&Co brought the shutters down on all of its shops at the end of April.
The struggling retailer collapsed into administration last year, but its brand and intellectual property were sold to Yours Clothing.
Now, the company has announced that it plans to launch a brand-new M&Co website by the end of June, and plans for an app.
The new site will launch with womenswear products, including curve and petite clothing, with new ranges to follow in the future.
Chief executive Andrew Killingsworth said: “We are delighted to have acquired M&Co and we are excited about the opportunities this brings not only to us as a brand, but to existing and new M&Co customers too.”
But it’s bad news if you like browsing clothing rails in person, as you won’t be seeing M&Co stores on the high street any time soon.
This is because the deal Yours Clothing struck with the M&Co administrators did not include any of its 170 stores.
The final store closures at the end of April marked the end of the brand’s name on high stress across the country.
Branches launched huge closing down sales offering as much as 80% off before some locations started to shut up shop for good in March.
One shopper nabbed a £104 dress for just £10 in the sale.
Soaring inflation has left shoppers strapped for cash, and retailers are struggling to get customers to part with their hard-earned money.
More companies in England and Wales went bankrupt in March than at any point over the last three years, according to the Insolvency Service.
Some retailers are shutting a handful of branches, while others are set to disappear completely from the high street – like M&Co.
Popular stationary shop Paperchase fell into administration in February after it failed to find a buyer.
Supermarket giant Tesco stepped up to buy the rights to the brand, but not its shops.
The company closed forever on April 3.
Home retailer Argos announced it will close all of its stores in the Republic of Ireland this year.
The chain employs around 580 people in 34 stores across the country.
The high street chain will withdraw from Ireland completely on June 24.
The four remaining standalone Cath Kidston stores are set to close within weeks, once stock is sold off.
It comes after Next agreed to buy Cath Kidston out of administration.
The Sun has put together a full list of high street chains closing for good this year.
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