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05
Aug 2020
Last Updated: 05/08/2020
M&Co store in Ripon saved from closure
The M&Co store in Ripon has been saved from store closure as the company went into administration. The company's financial restructure means 47 other stores will not reopen.
The M&Co shop in Ripon has been saved from store closure as the company goes through a major financial restructure.
M&Co appointed administrators in April after closing during the coronavirus lockdown. A total of 47 stores have been closed.
The company has described covid as its biggest challenge "in over 60 years".
For over 40 years, the store has been a constant tenant on Ripon's high street.
M&Co chief executive Andy McGeoch said:
“It quickly became clear that best way to save most jobs and most stores was to enter administration, with a new company acquiring the assets of the old business. I am really pleased that we have been able to maintain a presence in over 200 communities.
“Local economies rely to a huge degree on their town centres and we have seen too many High Streets hollowed out by successive shop closures. More and more people are beginning to realise that, if they don’t support their town centres, everyone’s quality of living really takes a hit, so we are proud to be playing a part in the drive to shop locally."
Read more:
- Shops on the outskirts of town centres have said they feel "left out".
- WATCH as we ask how people in Harrogate feel about having to wear a face mask in shops.
Alongside shop closures, the company has announced 380 job redundancies from a total workforce of over 2,600.
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