Retailer M&Co to close 47 stores as part of a major shake-up
Register for free to read more of the latest local news. It's easy and will only take a moment.
Clothes and soft furnishings home retailer M&Co has announced it is closing 47 of its 265 stores including two children's outlets in Inverurie and Elgin.
Saying it wanted to concentrate on the high street, the Renfrew-based family-owned company will shed 380 jobs as part of its shake-up.
It is hoped the move will secure the long-term future of the company.
Stores in Scotland which have been earmarked for closure include Linlithgow, Elgin Kids, Girvan, Inverurie Children's and Annan.
Chief executive Andy McGeoch said the company took a "huge financial hit" from the coronavirus lockdown.
He said: "We reopened most stores in June and have been exploring every possible option, but it was obvious that the business, as previously structured, would remain under severe pressure from the ongoing challenges of Covid-19.
"It quickly became clear the 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."
Mr McGeoch said staff in stores and at its Glasgow and London headquarters will also be affected by the job cuts.
He said: "It's not a decision we took lightly, after more than 50 years of trading, but it gives us a sustainable basis from which to rebuild, with the majority of our staff keeping their jobs and 218 stores in high streets across the country remaining open.
"The most difficult part of this process is undoubtedly seeing around 380 colleagues in stores and at our Glasgow and London operations 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 retailer, which was founded in Scotland in 1961, is the latest retailer to announce cuts, with WH Smiths and Dixons Carphone both revealing plans for major job losses in the last 24 hours.
