M&Co enters administration sparking fears over the future of stores in Elgin, Buckie and Banff
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M&Co stores in Moray have been put at risk of closure after the company entered administration.
The clothing chain – which has 45 stores across Scotland – entered administration on Friday, December 9.
It has appointed Teneo Financial Advisory as administrator after a "period of difficult trading".
M&Co stores in Elgin and Buckie – as well as Banff – will continue to trade for the foreseeable future, with no jobs to be lost immediately. The company's website will also continue unaffected for the time being.
Gavin Park, joint administrator, 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.
"The joint administrators are now exploring a potential sale of the business in an accelerated timeframe."
Elgin M&Co posted on Facebook emphasising that they are not closing, adding that they "appreciate all the love" from customers.
Buckie M&Co added: "We hope you will all appreciate this is a difficult time for staff working in the stores. We ask for respect and understanding when raising an issue.
"Thank you to all of our amazing customers for your support at this time."
Returns on recent purchases will be offered at all M&Co stores and loyalty cards won't be usable during the administration process. For full details email customer-services@mandco.com.
