The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
1,000 jobs Number of planned job losses
Announcement Date
31 May 2016
Employment effect (start)
Foreseen end date
30 June 2016
Description
Clothing retailer Austin Reed is set to cut 1,000 jobs after failing to find a buyer for the business. The company announced in April 2016 that it would be entering administration and at that point, there were hopes that a buyer could be found. The Edinburgh Woollen Mill owner Philip Day did come forward to buy the Austin Reed Brand as well as the Country Casuals Brand. As part of the deal five concession outlets, located in Boundary Mills stores were also sold; a move which saved 28 jobs. However there has been no buyer for the bulk of the business, meaning that 120 stores will close by the end of June 2016.
Sources
31 May 2016: BBC Website
31 May 2016: The Guardian
Citation
Eurofound (2016), Austin Reed, Bankruptcy in United Kingdom, factsheet number 87866, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87866.
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