A COLLAPSED fashion retailer has given a new update about the closure of its 170 stores.
The M&Co brand was bought by Yours Clothing last week after falling into administration in December.
1
As the deal included just the brand, the 170 stores are set to close – and this process is expected to begin after the Easter weekend.
Administrator Teneo said stores will continue to trade over the next few weeks.
However, at least 20 stores have confirmed on Facebook that they’ll be shutting from April.
The exact dates each shop will close is yet to be revealed so it might be wise to return any items you have sooner rather than later.
M&Co is currently accepting exchanges made on purchases in store.
Shoppers can exchange it for an item of the same value within 14 days of purchase.
However, the retailer is no longer accepting loyalty cards and vouchers.
M&Co has closed its loyalty scheme for any new customers and any future purchases will no longer qualify for loyalty points.
Most read in Money
If shoppers have a gift voucher for the store, it must be used by Sunday, February 12.
M&Co will accept the full value of gift cards in store, provided the value of the gift card is no more than half the total price of items purchased.
No new gift cards are being sold, and no balances will be added to existing gift cards.
Unfortunately, the use of gift cards for online orders has been suspended.
If you have any questions, you can contact M&Co by email at [email protected].
A spokesman from Teneo confirmed the sale of M&Co brand and intellectual property to Yours Clothing last week.
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 closing down sale before the stores disappear.
Shoppers can get between 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.
Nearly 2,000 jobs are now at risk though we don’t know for sure if and when redundancies will be made.
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.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
