The future of M&Co on the Isle of Wight is in doubt this evening (Sunday) as the national clothing company enters administration – again.
The financial advisory firm Teneo has confirmed that it was brought in as administrators on Friday – the 2nd time M&Co has entered administration in just over 2 years.
It means that there is now a question mark over the future of M&Co’s 170 stores across the UK, including in Ryde. It is currently situated in the former Woolworths premises on the High Street.
There was once a M&Co store in Cowes too, but that closed down and was replaced by Poundland in 2021.
Some 1,910 staff are employed across the country and although no immediate redundancies have been made, many will be spending Christmas worrying what the future holds.
It remains unclear whether shops will face the axe in the near future – either under the current owners or any potential buyer.
A sharp rise in costs at the same time as a decline in customer confidence is being blamed for the pressure on the company’s financial position.
M&Co is to continue trading pending the potential sale of the business.
Tough on all the staff , life is bad enough without the threat of losing your job , especially the way the cost of living is going .
Feel for each and everyone of you.
Sorry to hear that, although I was in there the other day and a jumper I looked at was 30 odd quid. Seemed a bit dear. Also – who is the ghost in the picture?
Not only will staff lose a job ryde will lose yet again another shop. Although I find them a bit expensive personally. Oh but don’t worry make way for yet another charity shop, hairdresser , nail bar .
If people didn’t use charity shops etc, they wouldn’t be still there, and new ones would open up, there’s obviously need/want for them
I use charity shops don’t get me wrong and have got good bargains. But it’s becoming a town full of them. We need desperately a decent affordable shoe shop . We need something more in ryde to make it attractable as it once was
It’s good that people do use charity shops, some charities rely on that money to help them survive.