POPULAR value fashion retailer M&Co has collapsed into administration, putting its Penarth store at risk.
It was revealed yesterday that the high-street brand had called in the administrators after a sharp rise in costs put increased pressure on its accounts.
In 2020 M&Co made the decision to close 47 stores across the country, including those in Bishop Auckland, Houghton le Spring, Durham, Ashington, Yarm, and Knaresborough. The closures resulted in the loss of 380 jobs nationally.
A spokesman for administrators Teneo Financial Advisory Limited, told fashion business magazine Drapers: "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 increased pressure on cash flows and trading losses.
"No immediate redundancies have been made and the joint administrators are 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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