Austin Reed stumbles into administration, putting 1200 jobs at risk
British fashion retailer Austin Reed fell into administration on Tuesday, dealing another blow to the UK retail sector a day after department store BHS also sought creditor protection.
Executives from Alix Partners were appointed as the 116-year old Austin Reed’s administrators, the business advisory firm said.
“Following their appointment, the joint administrators will continue to trade the group while exploring all possible options for its future including a sale of all or parts of the business,” it said.
The move puts the jobs of its 1,184 staff in danger, adding to the up to 11,000 put at risk by BHS’s collapse into administration on Monday.
Austin Reed, which trades from 100 standalone stores and 50 concessions throughout the UK and Ireland, has struggled to compete in Britain’s intensely competitive clothing market for years.