M&Co: Scottish fashion giant to close its Clitheroe store after going bust
M&Co has announced it will close all of its 170 shops, including the one in Castle Street, Clitheroe, after falling into administration for the second time in two years.
The brand has called in Teneo Financial Advisory after dealing with “trading challenges”.
Gavin Park, joint administrator said: “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 trading challenges.
"Despite a very loyal customer base, particularly in local markets, and a well-recognised brand, the current economic outlook has placed increasing pressure on the company’s cash position.”
Administrators are looking at potentially selling the business, and immediate job cuts have not been made.