Scottish clothing retailer M&Co has called in administrators after struggling sales amid the cost of living crisis – leaving the future of three Lincolnshire stores hanging in the balance.
The Renfrewshire-based company, which formerly traded as Mackays, has over 170 shops across the UK but brought administrators in over the weekend after a financial collapse.
Administrators say no immediate redundancies have been made, but a couple of stores in Dorset and Warwickshire have closed in the past week.
Lincolnshire has three M&Co stores, according to the retailer’s website, and the sites in Sleaford, Louth and Stamford all face an uncertain future until potential investors are found.
The news comes just over two years after M&Co last fell on financial hardship, cutting nearly 400 jobs and closing 47 shops in August 2020 – as the initial impact of the COVID-19 pandemic stung businesses.
M&Co branches across the country have been issuing messages to customers over the weekend, saying they hope for a “positive outcome” but will have to scale back on allowing refunds back to original payment, and not accepting rewards vouchers.
The statement reads: “To all our amazing customers, not an easy message to convey. M&Co have entered into administration as of December 9, 2022.
“We are hoping for a positive outcome and that our lovely shops will be saved but in the mean time there are a few things we would like our customers to be aware of:
“Currently we are unable to process refunds back to original payment, we can exchange only any goods for the same value or above, this also includes items purchased through the website.
“We are currently not scanning loyalty cards to add points and we cannot accept reward vouchers. The 25% off full price discount is now open to all customers who shop with us and will continue for the foreseeable future.
“We will be doing our best to keep a positive shopping environment for all our customers and despite the circumstances we remain positive! We hope to see many shoppers about over the Christmas period and will do our best to help.”
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