More than 1,000 jobs at risk as Austin Reed appoints administrators

More than 1,000 retail jobs are now at risk after high-street retailer Austin Reed fell into administration.

Austin Reed, which opened its first shop in London in 1900, has appointed professional services firm AlixPartners as administrators after failing to find a buyer.

The menswear retailer, which operates around 155 shops, will remain open while AlixPartners attempts to strike a rescue deal.

Joint administrator Peter Saville said, via The Guardian: “Our priority now is to work with all stakeholders and determine the optimum route forward for the business as we continue to serve customers throughout the UK and Ireland.

“Austin Reed is a well regarded and iconic brand, and therefore we are confident that it is an attractive proposition for a range of potential buyers; as such, we expect, and welcome, contact from interested third parties.”

The Austin Reed Group, which has a total of 1,184 employees, is the second high-street retailer this week to appoint administrators.

British Home Stores (BHS) filed for administration on Monday in hopes of saving its network of 164 stores and around 11k jobs.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →