Ethel Austin back in administration
MCR partners attempt to save clothing retailer
Value clothing retailer
Ethel
Austin has entered administration for the second time in three
years.
Partners from
MCR were
appointed as joint administrators to the 300-store, 70-year old retailer today.
“In the current economic climate there are no guarantees that purchasers will
be found. We are reviewing the financial position of the companies and are at
this stage, unable to rule out store closures and redundancies,” said joint
administrator Geoff Bouchier.
Ethel Austin and its subsidiary Au Naturale employ more than 3,700 staff.
The retailer has been hit by funding problems and poor trading in January,
the administrators said.
Further reading:
Ethel
Austin rescued by ex-MK One chief