JOBS are at risk after a fashion retailer went into administration - amid a fresh blow for an East Lancs high street.
Scottish fashion brand M&Co, which has a store in Castle Street, Clitheroe, has announced it has called in Teneo Financial Advisory after experiencing trading difficulties.
Staff are hopeful a solution can be found for the chain, which was founded in Paisley in 1961 and has stores across Scotland and the North, including Lancashire.
Gavin Park, joint administrator said: “Like many retailers, the company has experienced a sharp rise in its input costs, which has coincided with a decline in consumer confidence leading to trading challenges.
"Despite a very loyal customer base, particularly in local markets, and a well-recognised brand, the current economic outlook has placed increasing pressure on the company’s cash position.”
The firm employs more than 1,900 staff across the UK. However, no immediate redundancies have been made and administrators are exploring a potential sale of the business.
The Castle Street area of Clitheroe has already seen two major national names depart this year.
Earlier in 2022, Costa announced it was closing its branch there. And banking giant Barclays shut up shop in September, claiming that declining footfall had triggered the move.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here