One of Scotland’s biggest family-owned retailers is to close 47 stores and shed 380 jobs as part of a major shake-up it said will secure the company’s long-term future.
The clothing chain M&Co said it will retain 218 stores and 2,200 staff following the restructuring, which was first revealed by Sky News earlier this week.
The firm, which appointed Deloitte as administrators in April, believes its smaller network of high street-based stores will strengthen its position, “with the coronavirus outbreak reducing appetites to travel longer distances on public transport”.
Chief executive Andy McGeoch said the company took a “huge financial hit” after having to shut its stores in March due to the coronavirus lockdown.
He said: “We reopened most stores in June and have been exploring every possible option, but it was obvious that the business, as previously structured, would remain under severe pressure from the ongoing challenges of COVID-19.
“It quickly became clear the best way to save most jobs and most stores was to enter administration, with a new company acquiring the assets of the old business, and this process has now been finalised.”
Mr McGeoch said staff in stores and at its Glasgow and London headquarters will be affected by the job cuts.
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