High street retail has taken another hit, as this week saw administrators announce that menswear clothing brand, Austin Reed, is set to close all 120 of its stores, putting 1,000 jobs at risk.
The 116-year-old retailer is set to wind-down as there were a lack of viable offers received for the business, according to AlixPartners.
Austin Reed fell into administration back in May due to a challenging retail market and cash flow issues.
Joint administrator, Peter Savile, commented: “Despite a significant number of interested parties coming forward during this period, it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming.
“As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate.”
It was only last month that BHS also went into administration, threatening 11,000 jobs.
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