02-08-2010, 04:06 PM
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Don't Question Me!
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Join Date: Jul 2009
Location: Odd Bins
Posts: 4,277
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Ethel Austin falls into administration
Quote:
Poor January trading was the final blow for the business, which has suffered from lack of financing since it was bought out of administration in 2008 by Elaine McPherson, founder of clothing store MK One.
MCR, the corporate restructuring specialist, stepped in as administrator on Monday and is looking for a buyer but it said store closures and job losses were a possibility.
Geoff Bouchier, MCR partner, said: "In the current economic climate there are no guarantees that purchasers will be found."
Mrs Ethel Austin founded the company in 1934 and ran it from the front room of her Liverpool home. Ethel Austin now operates 276 stores around the UK and employs a total of 3,714 staff, including 401 at the head office in Liverpool.
When Ms McPherson bought Ethel Austin in May 2008 she vowed to restore the 76-year-old business "to its former glory" by revamping stores and clothing ranges. She quickly added the homewares chain Au Naturale, which she also bought out of administration and now has 35 stores.
Mr Bouchier said the companies had struggled to secure funds because of the damage wreaked by the financial crisis on Britain's retail sector.
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Ethel Austin falls into administration - Telegraph
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