M&Co have entered administration for the second time in just over two years, sparking fear of store closures and job losses across the UK.
The firm, which own branches across Glasgow, have hired representatives from Teneo Financial Advisory Limited following a period of difficult trading and a "decline in consumer confidence".
According to Aberdeen Live, Teneo insist that no jobs will be lost immediately and both the company's 45 Scottish stores and its website will continue trading.
READ MORE: National Grid triggers emergency plan amid blackout fears as temperatures plummet across the UK
According to the chain's website, they have two stores across the city - one in Milngavie and another in Newton Mearns.
M&Co fell into administration in August 2020 when it was bought back by its Scottish owners, the McGeoch family, in a pre-pack deal that saw it close 47 stores and cut over 300 jobs.
At present, the firm own around 180 stores across the UK, many serving as long-standing fixtures of local high streets.
A spokesman for Teneo told fashion magazine Drapers, who first reported on the news, 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 increased pressure on cash flows and trading losses.
"No immediate redundancies have been made and the joint administrators are exploring a potential sale of the business in an accelerated timeframe, during which time the company will continue to trade from its stores and website."
The company was first established in 1834 as a pawnbrokers in Paisley by the McGeochs before switching to selling clothes in the 1950s.
Its stores were rebranded as M&Co in 2003 in a bid to attract a younger, more modern clientele. The company remains headquartered, in Inchinnan near Renfrew.
READ NEXT:
How to get Peter Kay tickets as comedian released extra Glasgow OVO Hydro date
Paolo Nutini Glasgow support acts as Paisley born star returns to city next week
Christmas refund deadlines for Amazon, Aldi, John Lewis, Boots and more
Asda cafe's £1 kids meal and OAP Winter Warmer to help amid cost of living
Glasgow bin collection 2022 as council changes dates over Christmas and New Year
