Scots clothing chain M&Co has entered administration, sparking fears of store closures and job losses across the UK.
The firm, which began life as Mackays pawnbrokers, has appointed three representatives from Teneo Financial Advisory Limited as joint administrators following a period of difficult trading and a "decline in consumer confidence". Teneo has insisted no jobs will be lost immediately, Aberdeen Live reports, and both the company's 45 Scottish stores and its website will continue trading.
News of the company's precarious situation - the second such time it has been put up for sale in three years - was first reported by fashion magazine Drapers. At present, M&Co has around 180 stores across the UK, many serving as fixtures of local high streets.
