Nearly 1,000 jobs to be lost as Austin Reed’s administrators AlixPartners, can’t find a buyer for the 116-year-old tailoring company, remaining stock and 120 stores.
Peter Saville, of administrator Alix Partners, said:
“Despite a significant number of interested parties coming forward it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming. As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate”
“We would like to take this opportunity to thank all employees for their support and efforts during this unsettling period and wish them well for the future,”
Online sites like Suits Direct will have no doubt been adding more pressure to the retailer.