Up to 1,000 jobs lost as clothing retailer goes into administration

Up to 120 stores across the UK have been shut and up to 1,000 employees are set to lose their jobs after menswear retailer Austin Reed has gone into administration, multiple news reports have been able to reveal.

Austin Reed was founded in 1900 as a tailoring business in the City and once counted Winston Churchill and Elizabeth Taylor as customers. However, the company fell into administration last month, amid a “challenging” retail market and cashflow issues.

The retailer’s sales had been falling in recent years, with analysts blaming a poorly designed website and “tired” stores.

Peter Savile, joint administrator, said: “Despite a significant number of interested parties coming forward during this period, it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming.

“As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate.”

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