'Devastating' news for M&Co staff as fashion retailer goes into administration

dailyrecord.co.uk:

Ayrshire jobs are at risk after a popular clothing store M&Co plunged into administration for the second time in two years.

The Renfrewshire based fashion firm appointed administrators Adele MacLeod, Gavin George Scott Park and Robert James Harding of Teneo Financial Advisory Limited on Friday.Administrators say: " the current economic outlook has placed has placed increasing pressure on the company’s cash position.”The chain previously survived a major scare in 2020 when it entered administration with 100s of stores across the UK facing the axe.

Back then, owners, the McGeoch family, bought the business back but dozens of stores closed including one in Girvan, with Ayr and Troon both saved.

M&Co also has stores in Irvine, Saltcoats and Largs.Staff at the Largs store took to social media to share the difficult news to loyal customers.In a statement defiant staff said they will “remain positive” despite the challenging circumstances.Their statement added: “We hope to see many shoppers about over the Christmas period and will do our best to help in all ways possible.”South Scotland MSP Colin Smyth says the devastating news will be a blow to staff in all M&Co stores.The Labour MSP said: “This is devastating news for staff at M&Co across the south of Scotland.