A historic Scottish retailer has said it is to close its stores with the expected loss of 2000 jobs.
A HISTORIC Scottish retailer has said it is to close its stores with the expected loss of 2000 jobs.
M&Co, which was said to have started as a pawnbroker and known as Mackays in 1834, is expected to close all 170 of its stores, including around 50 inIt posted on Facebook: "Unfortunately we haven't received the news we would have hoped for during our administration period, and would like to share this news with you.
"As we haven't received any funded, deliverable offers that would result in the transfer of the Company's stores or staff to a potential buyer, this means that all of our stores will close. "The M&Co 'brand' has been purchased, but unfortunately this does not include a future for our stores, website or staff.
"We will trade in all of our stores until Easter, and then begin the close-down process. We will update you closer to the time of our actual closing date."Retail Week reported that M&Co was bought out of administration by Peterborough-based AK Retail Holdings, which owns Yours Clothing, for an undisclosed sum in a deal that did not include the physical stores.
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