MCR Statement on Ethel Austin and Au Naturale

MCR Statement on Ethel Austin and Au Naturale

MCR, the administrators of value clothing retailer Ethel Austin and its sister company Au Naturale, has confirmed that a further 81 stores will cease to trade in the next 3 to 4 weeks. This follows the closure of 124 stores last month.

Most of the 81 stores will cease trading by the end of March and a total of 696 positions are likely to be made redundant.

There has also been a further 56 redundancies announced today at the Head Offices in Knowsley.

Geoff Bouchier, joint administrator and Partner of MCR, stated: "It is a difficult retail climate and until such time as any sale of the businesses can be completed, cost cutting measures need to be taken to allow the businesses to trade on in the short term."

"There are still opportunities for a purchaser of the businesses to come forward," Geoff added.

About MCR

MCR was formed in April 2001 to offer turnaround, restructuring and insolvency services of outstanding quality to banks, lenders, business owners and individuals in the mid-market sector. It aims to provide the most practicable ways to resolve issues affecting business performance.

The firm has 12 partners who practice an ethos of high-level involvement to ensure that each assignment capitalises upon the expertise and knowledge of the whole team.

MCR regularly handles significant projects across a range of sectors and has been involved in a number of high profile cases. MCR is increasingly being asked to restructure businesses and find turnaround solutions to help companies avoid formal insolvency. Sectors include retail, financial services, property, manufacturing, printing, recruitment, hotels, leisure, e-commerce, automotive, telecommunications, music, entertainment and construction.

For more information, www.mcr.uk.com


For further information, please contact:
Richard Merrin / Luke Derbyshire
Spreckley Partners Limited

T: 0207 388 9988
E: merrin@spreckley.co.uk  
E: derbyshire@spreckley.co.uk