Clothes retailer M&Co is to close all of its 170 stores this spring, with the loss of almost 2,000 jobs.
The Renfrewshire-based company, which used to be known as Mackays, is one of Scotland's best known clothing chains. The retailer had seven outlets in the North-east including Buckie, Banff, Peterhead, Inverurie and Stonehaven.
The closures were announced in social media posts by branches across the UK.
"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," the firm said.
"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.”
M&Co has been bought by Peterborough-based AK Retail Holdings, the owner of the larger sizes brand Yours Clothing, Long Tall Sally and Bump It Up Maternity but the deal did not include M&Co’s physical stores.
Previous administrators
In December 2022 the clothing chain appointed Teneo as an administrator as it collapsed for the second time in just over two years. In 2020, the retailer lost 47 stores and 380 staff, but assets were immediately bought back by the family that built it up.
Gavin Park, one of the joint administrators, told the BBC in December that M&Co had experienced a sharp rise in costs like many other retailers which had coincided with a "decline in consumer confidence".
He added: "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."
FTSE 100
The UK's top share index, the FTSE 100, was up 33 points at 7,870 shortly after opening this morning, following yesterday's 65-point fall.
Brent crude futures were up 1% at $81.80 a barrel.
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