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Gloucestershire Business News

M&Co to close 50 stores

Fashion chain M&Co, one of Scotland's biggest family-owned retailers, is the latest in a string of high street brands to call in administrators as a result of coronavirus crisis.

The retailer, which has stores in Gloucester, Tewkesbury and Stroud, is close to a pre-pack insolvency deal, which will see its assets sold back to the McGeoch family, which founded the business in 1961 and has owned it ever since.

Under the plan, approximately 50 of M&Co's 260 stores are expected to close permanently, with several hundred job losses, as reported by Sky.

Investment firm Aurelius is understood to have agreed to provide funding to M&Co to support it through the ongoing impact of the pandemic, while Deloitte is said to be handling the administration process.

Picture credit: Google 2018

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