A Paisley-based company which has operated in the town for more than 60 years is to sell off all 168 of its UK stores, leading to almost 2,000 job losses.
M&Co entered administration for the second time in three years in December.
It had been hoped that a buyer would come forward to purchase the flailing company, but it has now been confirmed that while an offer has been made for the brand, no such offer for stores and staff was forthcoming.
The clothing retailer, founded in Paisley in 1961, took to Facebook to share the news.
The company said: “Unfortunately we haven’t received the news we would have hoped for during our administration period, and would like to share this news with you. As we haven’t received any funded, deliverable offers that would result in the transfer of the company’s stores or staff to a potential buyer, this means that all of our stores will close.
“The M&Co ‘brand’ has been purchased, but unfortunately this does not include a future for our stores, website or staff.”
Administrators Teneo Financial Partners said when M&Co went into administration that it had 1,810 employees.
The firm, which was one of the largest, privately-owned fashion retailers in the UK, said it will continue trading until Easter, at which point it will begin the closing down process.
M&Co has two stores in Renfrewshire, one in Paisley and one in Johnstone. It is headquartered in the Inchinnan Business Park near Glasgow Airport.
While the administration process is ongoing M&Co is unable to process refunds. Goods can also only be exchanged for items of the same value or above; this also includes items purchased through the website.
Points are not being added to loyalty cards and reward vouchers are currently not being accepted.
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