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Home Whitstable News Article
Six M&Co stores across Kent are to remain open - as one branch closes.
The high street clothing chain's branches in Whitstable, Sittingbourne, Deal, Faversham, Orpington and Tenterden will continue operating, but administrators have taken the decision to close the Sevenoaks outlet.
The company, which has had a presence in towns such as Whitstable for more than 30 years, appointed administrators in April as the coronavirus outbreak forced the closure of most UK retailers for almost four months - posing the "biggest challenge" in the M&Co's history.
On Wednesday, it announced plans to close 47 stores and axe 380 jobs as part of a major restructuring, which it said will help to secure the company’s long-term future.
With "enormous regret", it has confirmed the Sevenoaks branch as one of those set to shut.
CEO Andy McGeoch said: “As everyone knows, retail has been one of the sectors hardest-hit by Covid-19, with long-term shop closures and social distancing having a hugely negative impact.
“We’ve been facing a number of underlying business challenges in the current retail environment, which have been exacerbated by the impact of Cocid-19. Being forced to close all our stores for several months meant a huge financial hit.
"It quickly became clear that best way to save most jobs and most stores was to enter administration, with a new company acquiring the assets of the old business, and this process has now been finalised.
“The most difficult part of this process is undoubtedly seeing colleagues in stores leaving the business. It’s a terrible situation for them and I’m desperately sorry that we couldn’t come up with a viable plan which would have saved all the jobs.”
The administration process, which is being managed by Deloitte, will see M&Co's estate reduced from 265 to 218 stores, with about 380 redundancies from its total workforce of over 2,600.
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