Scottish clothing retailer M&Co have entered administration as multiple East Lothian stores have been put at risk of closing.
The firm, who currently own branches in Haddington and Musselburgh as well as a recently closed store in Dalkeith, have hired three representatives from Teneo Financial Advisory Limited following a period of 'difficulty'.
Teneo has insisted that no jobs will be lost immediately, reports Aberdeen Live, and both the company's 45 Scottish stores and its website will continue trading.
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M&Co was recently put up for sale in 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 clothing firm own around 180 stores nationwide, many serving as long-standing fixtures of local high streets.
A spokesman for Teneo told Drapers, who originally broke the news: "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."
According to reports, M&Co's Dalkeith branch recently closed down, with a note on the door directing customers to Haddington as their nearest store.
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 locally headquartered, in Inchinnan near Renfrew.
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