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M&Co has fallen into administration after struggling with rising input costs as well as lower consumer confidence in recent months.
Adele MacLeod, Gavin George Scott Park and Robert James Harding of Teneo Financial Advisory Limited were appointed joint administrators on 9 December, a statement on the retailer’s website confirmed.
According to Drapers, the group has closed stores in Dorchester, Dorset and Droitwich, Worcestershire over the past week.
The group had previously closed 47 stores following a pre-pack administration deal in August 2020, which saw the loss of 381 jobs. No immediate redundancies have been made following the latest administration, however.
A spokesman for Teneo told Drapers: “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 increased pressure on cash flows and trading losses.
“No immediate redundancies have been made and the joint administrators are exploring a potential sale of the business in an accelerated timeframe, during which time the company will continue to trade from its stores and website.”
M&Co and Teneo have been contacted for comment.
