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Austin Reed enters administration, putting 1,200 jobs at risk Austin Reed enters administration, putting 1,200 jobs at risk
(35 minutes later)
Menswear retailer Austin Reed has entered administration, putting almost 1,200 jobs at risk.Menswear retailer Austin Reed has entered administration, putting almost 1,200 jobs at risk.
A statement from the administrators blamed a "challenging" retail market and cash flow difficulties.A statement from the administrators blamed a "challenging" retail market and cash flow difficulties.
Distressed retail specialists Alteri Investors purchased the struggling firm - that once outfitted Winston Churchill - for an undisclosed sum last week. The company, which has 100 standalone stores and is stocked in a further 50, has struggled to compete and has seen its sales fall.
The firm had closed 31 of its more than 200 locations last year, at the start of a major reorganisation. Austin Reed began in 1900 as a tailor and counted Winston Churchill as a customer.
Failed Turnaround "Austin Reed is a well-regarded and iconic brand," said Peter Saville, one of the newly appointed administrators. "We are confident that it is an attractive proposition for a range of potential buyers."
New owner Alteri Investors loaned £6m to Austin Reed last year, to improve its online operations and purchase new stock. Austin Reed was bought just last week by the distressed retail specialists Alteri Investors, who purchased the struggling firm for an undisclosed sum.
They appointed administrators from Alix Partners, a global advisory company that had originally been brought in to help Austin Reed's turnaround. "Austin Reed is a well-regarded and iconic brand," said Peter Saville, one of the newly appointed administrators. "We are confident that it is an attractive proposition for a range of potential buyers." The new owners had already loaned the company £6m last year to improve its online operations and purchase new stock.
They will also be responsible for the administration of the family of brands held with Austin Reed, including Country Casuals. But on Friday the firm announced that it was intending to appoint administrators, though Austin Reed remains a going concern.
Historic Brand
The company was last listed on the London Stock Exchange in 2006, when it was taken private by an investment firm for £49m.
The menswear brand is the second UK retailer to enter administration in as many days, following the failure of BHS.
Austin Reed started as a tailoring business in the City of London more than a century ago, selling off-the-rack suits which could pass muster as made to measure.
It had a concession on the transatlantic liner, the Queen Elizabeth, and supplied clothing for special agents and resistance fighters during World War Two.
The group that owns Austin Reed currently employs a total of 1184 staff.
"Our priority now is to work with all stakeholders and determine the optimum route forward for the business as we continue to serve customers throughout the UK and Ireland," said Mr Saville of Alix Partners.
If the administrators can't sell the business as a going concern, it may be broken up to raise cash for creditors.