Clothing retailer with Castle Douglas store plunged into administration
dailyrecord.co.ukA clothing retailer with a store in Castle Douglas has been plunged into administration. M&Co, which has a shop on King Street, appointed Teneo Financial Advisory Ltd as administrators on Friday.
It’s the second time in two years the Renfrewshire-based firm has hit financial trouble, having previously gone into administration in 2020.
Joint administrator Gavin Park said: “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 trading challenges. “Despite a very loyal customer base, particularly in local markets, and a well-recognised brand, the current economic outlook has placed increasing pressure on the company’s cash position.” M&Co - previously known as Mackays – has nearly 2,000 staff across the UK and some of its 170 shops have already closed.
Teneo is exploring the potential sale of the business but was unable to confirm how many staff are employed in Castle Douglas or if a date had been set for its closure.
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