Housewares Business-to-business magazine for housewares retailers and their suppliers
MCR, the administrators of homewares chain Au Naturale and its sister company, value clothing retailer Ethel Austin, today confirmed the imminent closure of 114 stores.
This follows a statement from MCR earlier this month announcing that 129 of the companies’ loss-making outlets were to begin closing-down sales although, at the time, the administrators seemed hopeful of finding a buyer.
Most of the 114 stores will cease trading by the end of February with the loss of 1,048 jobs. The businesses currently employ over 3,000 people.
In a statement MCR says: “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 shops will continue to operate as usual while a purchaser for the rest of the businesses as a going concern is sought.
The statement goes on: “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 affect the operations of the continuing stores.”
