The future of two Norfolk high street fashion chain stores hung in the balance this afternoon after discount retailer Ethel Austin went in administration.
Staff at the chain's Great Yarmouth and King's Lynn branches are among thousands of Ethel Austin and sister homesware chain Au Naturale employees anxiously waiting to see if a buyer can be found for the company.
The company called in administrators because of the economic down turn, competition from rival budget chains, such as Primark and Matalan, and a slump in business due to the adverse weather during the January sales hitting profits.
Administrators MCR have said they cannot rule out store closures and redundancies as it goes through the embattled retailer's books. Stores will remain open while a buyer is sought.
It is the second time in two years that Ethel Austin, which has 276 stores, 3,714 staff and a headquarters in Liverpool, has gone into administration.
The King's Lynn store in New Conduit Street managed to escape a 2008 cull of 33 stores when Ethel Austin was bought out of administration by Elaine McPherson, the previous chief executive and joint owner of MK One.
Source : http://www.edp24.co.uk/content/edp24/news/story.aspx?brand=EDPOnline&category=NewsSplash&tBrand=EDPOnline&tCategory=xDefault&itemid=NOED08%20Feb%202010%2015%3A40%3A40%3A927
Staff at the chain's Great Yarmouth and King's Lynn branches are among thousands of Ethel Austin and sister homesware chain Au Naturale employees anxiously waiting to see if a buyer can be found for the company.
The company called in administrators because of the economic down turn, competition from rival budget chains, such as Primark and Matalan, and a slump in business due to the adverse weather during the January sales hitting profits.
Administrators MCR have said they cannot rule out store closures and redundancies as it goes through the embattled retailer's books. Stores will remain open while a buyer is sought.
It is the second time in two years that Ethel Austin, which has 276 stores, 3,714 staff and a headquarters in Liverpool, has gone into administration.
The King's Lynn store in New Conduit Street managed to escape a 2008 cull of 33 stores when Ethel Austin was bought out of administration by Elaine McPherson, the previous chief executive and joint owner of MK One.
Source : http://www.edp24.co.uk/content/edp24/news/story.aspx?brand=EDPOnline&category=NewsSplash&tBrand=EDPOnline&tCategory=xDefault&itemid=NOED08%20Feb%202010%2015%3A40%3A40%3A927
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