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Ethel Austin retail chain shuts down
02 Mar '10
1 min read
The administrator of Ethel Austin was compelled to close down its 114 outlets, due to which around 1,000 people working for the retailer were rendered unemployed.
Ethel Austin went in to administration for the second time in two years. The Mersey side-based chain, together with Au Naturale, its homewares sister company fell into administration, owing to low business during Christmas and unpleasant climate in January which adversely affected its cash flow.
MCR, the administrator, said that by end of the week majority of the stores that were to be closed will cease trading and this would result in rendering 1,048 people jobless.
Geoff Bouchier, MCR's joint administrator, said that considering the current economic scenario, the outlets which were marked for closure, failed in drawing any prospective buyer. Unfortunately, on account of their present financial functioning, these outlets will cease to trade in near future.
Ethel Austin went in to administration for the second time in two years. The Mersey side-based chain, together with Au Naturale, its homewares sister company fell into administration, owing to low business during Christmas and unpleasant climate in January which adversely affected its cash flow.
MCR, the administrator, said that by end of the week majority of the stores that were to be closed will cease trading and this would result in rendering 1,048 people jobless.
Geoff Bouchier, MCR's joint administrator, said that considering the current economic scenario, the outlets which were marked for closure, failed in drawing any prospective buyer. Unfortunately, on account of their present financial functioning, these outlets will cease to trade in near future.
Fibre2fashion News Desk - India
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