Thu, 19 Jul 2012 | ADMINISTRATION
Ethel Austin, a retailer that has faced ongoing difficulties over the past few years, has entered administration.
The firm had been up for sale with Begbies Traynor appointed to assist with the process. However, the firm's owner, Ashloch, has now been forced to appoint Duff & Phelps to handle the official administration of the business as no buyer was found in time.
Duff & Phelps has stated that redundancies and store closures cannot be ruled out, meaning that around 500 jobs are at risk. But for now, the firm is continuing to trade the 48-strong chain while making a last ditch attempt to find a buyer.
Philip Duffy and Sarah Bell, joint administrators for Ethel Austin, noted that they are “urgently” reviewing the company's financial position after the company experienced a “marked downturn” in business during the recession.
The firm was founded in Liverpool in 1934 but has seen its place on the British high street threatened by the tough retail conditions and the growth of fierce competition from new budget chains, such as Primark and Matalan.
This marks the fourth time in as many years that Ethel Austin has entered administration.
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