Austin Reed enters administration
Fashion retailer Austin Reed is the latest company to fall into administration, the day after BHS went the same way.
Alix Partners have been appointed to undertake the administration for the 116-year old business.
"Following their appointment, the joint administrators will continue to trade the group while exploring all possible options for its future including a sale of all or parts of the business," they said.
This puts 1,184 jobs at risk, on a difficult week for UK businesses.
Austin Reed has 100 standalone shops, and is also stocked in another 50, but has not competed well, seeing sales falling.
The fashion store was bought last week by Alteri Investors for an undisclosed sum. The new owners had loaned Austin Reed £6 million in a bid to improve their online operations, and reinvigorate stock.
"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," said Mr Saville of Alix Partners.