Almost 2,000 jobs are to be axed after fashion retailer M&Co failed to receive any “funded, deliverable offers” after collapsing into administration last year.
The Renfrewshire-based retail chain appointed administrators Teneo in December. Across 170 shops it employs 1,910 staff.
All stores are set to close after M&Co failed to secure a buyer.
It comes after Peterborough-based AK Retail Holdings, which owns Yours Clothing, Long Tall Sally, BadRhino and maternity brand Bump It Up, stepped in to rescue the brand on Friday.
The M&Co brand was purchased for an undisclosed sum but its physical stores are not included in the purchase.
In a statement posted on social media staff said stores would trade until Easter ahead of the close down process.
The statement read: “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.
“We will trade all of our stores until Easter, and then begin the close down process. We will update you closer to the time of our actual closing date.
“We hope you will appreciate this is also a very difficult time for staff working in the stores and we ask for respect and understanding when raising an issue. We thank you all for your continuous support, and we hope to see you all over the next couple of months.”
Purchases made in store can still be exchanged for items of up to the same value, with proof of purchase, within 14 days, the retailer said, but loyalty cards and vouchers will not be accepted during the administration.
The loyalty scheme is also closed to further sign ups, and purchases will no longer qualify for loyalty points.
No new gift cards are being sold, and no balances added to existing gift cards while the use of gift cards for online orders have been suspended.
Established as a pawnbrokers in 1834, the business, then known as Mackays, switched to selling clothes in 1953 – led by brothers Len and Iain McGeoch. In 2005, it rebranded to M&Co.