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Administration for Ethel Austin Administration for Ethel Austin
(about 2 hours later)
Clothing retailer Ethel Austin has gone into administration for the second time in two years.Clothing retailer Ethel Austin has gone into administration for the second time in two years.
The 300-strong chain will continue trading as normal while a new buyer is sought, administrators MCR said. Its almost 300 stores will continue trading as normal while a new buyer is sought, administrators MCR said.
But MCR said it could not rule out closures or redundancies as there were "no guarantees" that a buyer could be found in the current economic climate.But MCR said it could not rule out closures or redundancies as there were "no guarantees" that a buyer could be found in the current economic climate.
Administrators blamed the move on failure to secure necessary funding, compounded by poor trading in January.Administrators blamed the move on failure to secure necessary funding, compounded by poor trading in January.
"There is no doubt in our mind that the onset of the global economic crisis has hit the retail sector particularly hard," said Geoff Bouchier from MCR."There is no doubt in our mind that the onset of the global economic crisis has hit the retail sector particularly hard," said Geoff Bouchier from MCR.
"As a consequence of this the companies have struggled to secure funders which in turn has impacted their ability to generate sales revenue.""As a consequence of this the companies have struggled to secure funders which in turn has impacted their ability to generate sales revenue."
Ethel Austin's sister firm, homeware retailer Au Naturale, has also gone into administration. Its sister company, homeware retailer Au Naturale, has also gone into administration.
Ethel Austin, formed more than 70 years ago, is based in Knowsley, Merseyside. Together, the two companies have 276 stores and employ more than 3,700 people.
It first went into administration in 2008, but was bought within a month by the former head of retailer MK One. Ethel Austin started the business more than 75 years ago in Liverpool. Its head office is in Knowsley, Merseyside, where it employs 401 staff.
Ethel Austin first went into administration in 2008, but was bought within a month by the former head of retailer MK One.