Nearly 2,000 jobs could be at risk after M&Co revealed it was shutting its doors.
The popular fashion retailer was bought by Yours Clothing on Friday after going into administration.
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However, it will still be closing all 170 of its high street shops putting 1,910 jobs at risk.
A spokesman from Teneo confirmed the sale of M&Co brand and intellectual property to Yours Clothing but not the stores.
The Peterborough-based group also owns menswear line BadRhino, womenswear retailer Long Tall Sally and maternity brand Bump It Up Maternity.
It is currently running a massive 30-50% off sale online and up to 60% off in-store
Administrators at Teneo put the bust business up for sale with an auction deadline for interested buyers.
They blame M&Co’s collapse on the sharp rise in costs while squeezed household budgets have also depressed sales.
At the time that it fell into administration online clothes were being discounted at 50% off, while shop items were reduced by 25% promotions.
However, M&Co has extended the 50% sale to clothing in stores and customers can expect to get at least 30% off items as a minimum.
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But some stores are advertising that prices have now been reduced by up to 60% – as is the case at the Henley on Thames store.
Customers can expect to get at least 30% off on women’s, men’s and kid’s clothing.
And the clearance sale also runs across the chain’s pet accessories and cold weather essentials.
M&Co isn’t the only store to go into administration and shut its shop doors.
Stationery retailer Paperchase collapsed into administration this week after it failed to find a buyer.
Supermarket giant Tesco quickly stepped up to buy rights to the brand, as they plan to sell Paperchase items in stores.
When a business is liquidated, they will look to sell stock for as much as possible to pay back creditors.
Stores may disappear off the high street within weeks but the process could take up to two months.
Major burger chain Byron Burger also recently fell into administration and is set to close nine restaurants immediately.
Further popular chains including Las Iguanas, Cafe Rouge and Bella Italia also fell victim to the pandemic.
In December 2022, pub chain Wetherspoons announced it would be closing a total of 39 pubs after being hit by soaring inflation.
While H&M also announced it would be shutting a handful of its stores.
H&M has closed branches in recent months, with more to follow this year.
H&M has confirmed to The Sun that two branches in Hartlepool and Isle of Wight are set to close.
It hasn’t given a date for when they will shut the doors for good or if workers are at risk of redundancy.
Refund rights online v in store
If you bought the item online, then M&Co should provide you with a full cash refund.
Of course, the item needs to be in its original condition and you will have to send it back yourself via Royal Mail for free – if you use other couriers then you’ll have to pay.
If you purchased online and want a refund in store, you’ll only get a gift card or be offered exchange.
But if you purchased in store, then M&Co will give you the chance to exchange the product for an item of the same value.
This may vary from shop to shop and of course, sometimes stores may honour a full refund anyway, but they aren’t obliged to.
Gift cards – your rights explained
When a company goes into administration, the people appointed to manage the process can decide whether to allow the use of gift cards or not.
While we don’t know what the administrators for M&Co will decide it might be best to use any cards you have lying around as soon as possible.
The administrators are allowed to stop accepting gift cards at any point.
If the administrators later decide that you can’t use your vouchers, you should register a claim with the administrators for the value of the vouchers.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
