Poll

Should the council spend an extra £300,000 on adding microchips to bins? (See full story on this page)

Free Press Commercial Print Stair Estates

M&Co in Stranraer avoids axe as firm restructures

M&Co's long-established store in Stranraer is one of more than 200 of the company's outlets to be saved following a financial restructuring exercise which has preserved over 2,200 jobs. One of Scotland's biggest family-owned retailers, M&Co will, however, close 47 stores and shed 380 jobs as part of a major shake-up it said will secure the company's long-term future. The company, which has had a presence in Stranraer for over 40 years, appointed administrators in April as the Coronavirus outbreak forced the closure of most UK retailers for almost four months. M&Co's 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, and this process has now been finalised. Covid has been by far the biggest challenge our family business has faced in almost 60 years, and I am really pleased that we have been able to maintain a presence in over 200 communities “Covid-19 means many people don't feel comfortable travelling on public transport or visiting busy city centres and that can be good news for local High Street stores like M&Co. That's why we are looking at ways of working in partnership with other local retailers to highlight the tremendous range of shopping that can be found in communities like this all over the country. “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. “The response from our customers during lockdown was phenomenal. We had a steady stream of requests for updates via M&Co's Facebook pages, with some customers even posting letters through the doors asking when we were reopening. It's hugely encouraging to hear our customers say how much they have missed us after months away.” The administration process will see the estate reduced from 265 to 218 stores, with around 380 redundancies from a total workforce of over 2,600.

<< back Published: 05 Aug 2020, 17:04

COVID-19 News

How financial support is helping firms adapt

read more >>

Financial support helping companies adapt and innovate

read more >>

Government action at home and abroad helps cope with Covid

read more >>

Protecting jobs and supporting business

read more >>

LOOKING FOR HELP DURING CORONAVIRUS?

read more >>

The news you can trust

read more >>

Extraordinary kindness across our communities

read more >>


 

LOCAL TIDES

Click for your Local Tide Details