BREAKING NEWS: Austin Reed puts 1,200 jobs at risk as it enters administration
Retailer Austin Reed has entered administration today (April 26).
A statement blamed a ‘challenging’ retail market and cash flow difficulties.
The company, which has a hundred standalone stores and is stocked in a further 50, has struggled to compete - seeing sales fall.
Viyella and womenswear label CC, found locally at 74a Montague Street, Worthing and House of Fraser, Chichester, are part of the Austin Reed Group.
One of the newly appointed administrators, Peter Saville, was reported by the BBC as being positive about the future.
He said: “Austin Reed is a well-regarded and iconic brand.
“We are confident that it is an attractive proposition for a range of potential buyers.”
Austin Reed, once tailor to Sir Winston Churchill, was bought just last week by the Alteri Investors which is said to have ‘loaned the company £6m last year to improve its online operations and purchase new stock’.