Austin Reed news and archive

The UK's high street said farewell to 30 retailers in 2016

London - 2016 was not the kindest year for UK retailers as 30 retailers went bust in 2016 - an increase of 20 percent compared to the 25 medium-to-large retailers that went under in 2015 according to the latest data from the Centre of Retail Research. The number of stores to close their doors for good in the UK as a result of the retailer's...

Business

44 percent of UK fashion retailers facing bankruptcy

A new report unveils that almost half of all UK fashion retailers are facing financial ruin as competition, the fall in sterling and heavy discounting take their toll on the sector. The last report from Opus Restructuring indicates that 3,991, fashion retailers in the UK – that´s 43.6 percent of all British fashion players - are at risk of...

Business

Austin Reed employees learned of store closures from social media

Austin Reed employees were informed the company’s 120 stores would close and they would lose their jobs via social media instead of from administrators. According to City A.M., an employee told the freesheet: "About 80 per cent of the staff found out about it on social media.The staff were absolutely in bits because they were given no warning."...

Business |UPDATE Featured

Administrators unable to save Austin Reed, 1,000 jobs lost

London - The curtain has fallen for 116 year old formalwear retailer Austin Reed, as administrators failed to find a buyer to save the collapsed brand. Austin Reed is set to shut 120 stores by the end of the month resulting in the loss of 1,000 jobs. Adiministrator AlixPartners was unable to find a viable buyer to take over Austin Reed full high...

Business

Bidders plot to break up Austin Reed

Buyers interested in taking over collapsed formal wear retailer Austin Reed are keen to divide up the tailor's portfolio rather than keeping it intact. The retailer entered into administration late last month a day after BHS and a week after being acquired by retail specialist Alteri Investors. The 116 year old retailer's stores network, which...

Business |UPDATE Featured

Sports Direct makes shock bid for Austin Reed

Although Mike Ashley, owner of sportswear group Sports Direct, reportedly has his sights set on taking over British Home Stores (BHS), it seems as if the billionaire has also tossed his hat in the ring for clothing retailer Austin Reed. Mike Ashley eyes up Austin Reed and BHS Last month saw both department store group BHS and Austin Reed enter...

Business |ANALYSIS Featured

Where did BHS and Austin Reed go wrong?

It has been a dark start to the week for Britain's high streets as both department store group BHS and clothing retailer Austin Reed fell into administration. Both their failures to remain relevant to consumers reflect the ever-changing retail landscape which sees more and more shoppers frequent out-of-town shopping centers and online retailers...

BusinessFeatured

Austin Reed falls into administration, putting 1,200 jobs at risk

London - Austin Reed Group has entered into administration a week after it was acquired by retail specialist Alteri Investors, putting close to 1,200 jobs at risk. The 116 year old clothing retailer has become second retailer to call in the administrators this week, following in the footsteps of department store group BHS on Monday. Austin Reed...

Business

Austin Reed acquired by Alteri Investors

Alteri Investors, which invests in “stressed and distressed retail situations” has confirmed that it has acquired the outstanding loan notes and the shareholder capital of Austin Reed for an undisclosed sum. The acquisition comes less than a year after the investment group provided a 6 million pound loan to the struggling upmarket fashion...

Retail

Austin Reed puts Regent Street flagship up for sale

Austin Reed has reportedly put its Regent Street flagship store up for sale, just months after undergoing a restructure and closing 31 stores through a company voluntary arrangement (CVA). The men’s and womenswear tailor has appointed property agent James Andrew International to sell the lease on its 35,000 square foot store at 100 Regent...

Retail

Borderfree signs up Dune and Austin Reed

Borderfree, an international cross-border e-commerce platform, has signed up British retailers the Dune Group and Austin Reed, who will start using the service from May. The platform means that Dune and Austin Reed will be able to sell its goods internationally without the intensive upfront costs, as Borderfree creates a localised online...

Business

Austin Reed to shut down 31 stores with CVA turnaround plan

The Austin Reed Group, parent company of Austin Reed, CC and Viyella is set to shut down 31 stores and receive a 3 million pound cash injection from its shareholders through a Company Voluntary arrangement (CVA). The group stated that 22 CC, previously known as Country Casuals stores, and 9 Austin Reed stores were 'no longer viable' after a...

Austin Reed news and archive

​The UK's high street said farewell to 30 retailers in 2016

44 percent of UK fashion retailers facing bankruptcy

Austin Reed employees learned of store closures from social media

Administrators unable to save Austin Reed, 1,000 jobs lost

Bidders plot to break up Austin Reed

Sports Direct makes shock bid for Austin Reed

Where did BHS and Austin Reed go wrong?

Austin Reed falls into administration, putting 1,200 jobs at risk

Austin Reed acquired by Alteri Investors

Austin Reed puts Regent Street flagship up for sale

Borderfree signs up Dune and Austin Reed

Austin Reed to shut down 31 stores with CVA turnaround plan

The UK's high street said farewell to 30 retailers in 2016