In yet another blow to Britain’s high streets, 115-year-old British tailor Austin Reed is set to collapse into administration.
According to various media reports, Alix Partners will be officially appointed as administrators.
The business reported £5.4m in pre-tax losses for the 12 months to the end of January 2015, up from £1.2m a year earlier. Revenues fell to £100.5m from £109.1m and over 1,000 jobs are at risk.
Back in February, the chain struck a company voluntary arrangement (CVA) with its creditors to get rid of loss-making shops. Since 2011, the company shut 31 shops including its flagship store on Regent’s Street.
It also shut 31 shops last year, and sold its flagship site on London’s Regent Street in 2011.