Jobs saved in Grantham as Austin Reed outlet survives closure

Austin Reed, the clothing retailer, will cease to exist by the end of June bringing forward the loss of 1,200 jobs, administrators say – but the firm’s Grantham outlet has been spared.

AlixPartners Services UK, who have been in control of the business since it went into administration in April, have closed all but a handful of stores and are now in the process of implementing a “managed wind-down” of the rest.

Austin Reed stores in Leicester, Northampton and Nottingham have closed with immediate effect, whilst the store in Boundary Mills in Grantham has been sold to AR Operations.

The Austin Reed and Country Casuals brands have been sold to Border IP.

Peter Saville, joint administrator, said: “We have explored all options to sell the business since our appointment and continued to trade the business with the support of the secured creditors in what is clearly an extremely challenging retail environment.

“Despite a significant number of interested parties coming forward during this period it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming.

“As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate. We would like to take this opportunity to thank all employees for their support and efforts during this unsettling period and wish them well for the future.”