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 the imminent closure of 114 stores. This follows a statement earlier this month announcing that 129 retail outlets were to begin closing down sales.

Most of the 114 stores will cease trading by the end of February and a total of 1,048 positions will be made redundant.

Geoff Bouchier, joint administrator and Partner of MCR, stated: "In light of the current economic climate these stores identified for closure did not attract a purchaser. Regrettably, as a result of their current financial performance, these stores will shortly cease to trade."

The remaining 162 stores will continue to operate as usual while a purchaser for the rest of the businesses as a going concern is sought. "We are still hopeful of selling the remaining business and discussions are ongoing with a number of interested parties. The dealings relating to the closure stores will not effect the operations of the continuing stores," added Geoff.

Ethel Austin is one of Britain's value clothing retailers with a nationwide network of nearly 300 stores extending from Scotland to the South West, and from Wales to the South East. The business was established more than 70 years ago and has grown to become one of Britain's leading value clothing retailers with a national presence.

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