Popular Scottish clothing chain M&Co has entered administration, sparking fears of store closures and job losses at its four Lanarkshire shops.
The firm, which began life as Mackays pawnbrokers, has appointed three representatives from Teneo Financial Advisory Limited as joint administrators following a period of difficult trading and a "decline in consumer confidence".
Among its 45 stores across Scotland are shops in Airdrie, Wishaw, Lanark and Bellshill.
Teneo has insisted no jobs will be lost immediately and both the company's stores and its website will continue trading.
News of the company's precarious situation - the second such time it has been put up for sale in three years - was first reported by fashion magazine Drapers.
At present, M&Co has around 180 stores across the UK, many serving as fixtures of local high streets.
A spokesman for Teneo told Drapers: "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."
Reports suggest a number of stores have already closed their doors for good, including the chain's store in Inverurie.
It is unclear whether the jobs have been transferred to other stores during the administration process.
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. Its stores were rebranded as M&Co in 2003 in a bid to attract a younger, more modern clientele.
* Don't miss the latest headlines from around Lanarkshire. Sign up to our newsletters here.
And did you know Lanarkshire Live is on Facebook? Head on over and give us a like and share!
