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UK apparel retailer Ethel Austin goes into administration
19
Jul '12
Ethel Austin, the discount clothing retailer of Britain, has once again gone into administration for the fourth time in as many years, thereby putting over 500 jobs at risk.
 
The northern UK-based budget clothing chain operates through a network of 60 stores across the country and has been suffering heavy losses due to the economic meltdown in UK.
 
Ethel Austin’s administrator Duff & Phelps expects redundancies and closure of some of the firm’s stores. 
 
Duff & Phelps said that they are reviewing the financial position of the discount clothing chain. The stores will continue to do business as usual, while they look out for a new buyer. 
 
The clothing chain was started in 1934 by Ethel Austin, along with her husband George Austin, as a womenswear business in Liverpool. Since then the chain, survived cut throat retail conditions and faced tough competitions with big supermarkets and rival budget chains like Primark and Matalan.
 
However, due to the economic slump in 2008, the company had to shutdown several stores, which led to unemployment of hundreds of workers.
 

Fibre2fashion News Desk - India


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