Fashion retailer Austin Reed is to close all of its stores by the end of June after administrators were unable to find a buyer for the entire business.
Administrator AlixPartners said it would wind down the estate with all stores anticipated to close by the end of June, affecting around 1,000 staff in 120 locations.
Peter Saville, Kevin Coates and Catherine Williamson of AlixPartners were appointed joint administrators over Austin Reed in April after the 116-year old menswear chain collapsed days after BHS entered administration.
“Despite a significant number of interested parties coming forward during this period it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming,” said Saville.
“As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate.”
Five of the concessions located in Boundary Mills outlets have been sold to AR Operations Limited. The sale of these concessions resulted in the transfer of 28 staff to the buyers. In addition, the Austin Reed and Country Casuals brands were sold to Border IP Limited.
High Street stalwart BHS also announced that it was to enter administration this week after administrators Duff & Phelps failed to find a suitable buyer.
First published on sister publication Accountancy Age