No immediate redundancies have been made
Scottish clothing company M&Co has gone into administration.
The decision was made on 9 December, when directors appointed Gavin Park, Adele MacLeod and Rob Harding of Teneo Financial Advisory Limited as joint administrators.
Its shop on Chester Street in Douglas is one of 170 stores it currently operates.
Manx Radio contacted the clothing store regarding its Island branch and received the following statement from Joint Administrator Gavin Park: "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 company added that "no immediate redundancies have been made" and "the joint administrators are now exploring a potential sale of the business in an accelerated timeframe, during which time the company will continue to trade from its stores and website".
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