Austin Reed the latest high street stalwart to collapse

3 May 2016 - Janet Bird

austin reed enters administration

Austin Reed has become the latest stalwart of the British high street to collapse, entering administration just a day after BHS.

Almost 1,200 jobs have been put at risk while administrators Alix Partners seek to find a buyer for all or part of the 116-year-old business.

Austin Reed has 100 stores in the UK and 50 concessions. It currently employs 1,184 staff.

The retailer has been in financial trouble for some time, selling its flagship store on London's Regent Street in 2011 and closing 31 shops last year in a bid to stay afloat.

In the year ending January 31, 2015, it recorded pre-tax losses of £5.4 million, up from £1.2 million at the end of the previous 12 months.

Despite this, administrators Alix Partners said they were confident Austin Reed - "a well-regarded and iconic brand" - would prove an attractive proposition to a range of buyers.

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