Austin Reed to begin winding down
Print Edition
BRITISH fashion retailer Austin Reed Ltd will start winding down as no viable offer was received for the company over a five-week sale process, its joint administrators said.
The 116-year-old retailer will shut its 120 stores by the end of June, which will affect about 1,000 jobs, Austin Reed's administrators at AlixPartners Services UK LLP said in a statement yesterday.
Five of the company’s outlets inside Boundary Mills stores will be sold to AR Operations. The deal includes the transfer of 28 employees to AR Operations.
The retailer's “Austin Reed” and “Country Casuals” brands have also been sold to Border IP Ltd.
The statement did not provide the value of both deals. An AlixPartners spokeswoman was not available for comment.
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