More than 1,000 employees face the risk of losing their jobs with the closure of 120 outlets of menswear retailer Austin Reed after administrators could not find a buyer.
The retailer collapsed into administration in April due to a tough retail market, as well as issues related to cashflow.
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Administrators AlixPartners could secure one buyer, Edinburgh Woollen Mill owner Philip Day, who purchased Country Casuals and Austin Reed branded outlets and five concessions in Boundary Mills.
This acquisition could save close to 30 jobs, reported The Guardian.
In the wake of not finding a buyer in spite of a five-week sales period, the remaining stores will close by the end of this month.
AlixPartners joint administrator Peter Saville was quoted by the publication as saying: "We have explored all options to sell the business since our appointment, and continued to trade the business with the support of the secured creditors in what is clearly an extremely challenging retail environment.
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By GlobalData"Despite a significant number of interested parties coming forward during this period, it became clear as the process progressed that a viable solution that kept the business whole was not forthcoming.
"As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate."
Austin Reed has 150 outlets, 100 of which are standalone and 50 are concessions spread across the UK and Ireland.
Before its collapse, it had close to 1,200 employees.
