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| Version 2 | Version 3 |
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| Administration for Ethel Austin | Administration for Ethel Austin |
| (10 minutes 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 group's 276 stores will continue trading as normal while a new buyer is sought, administrators MCR said. | The group's 276 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 funding, compounded by poor trading in January. | Administrators blamed the move on failure to secure funding, compounded by poor trading in January. |
| Ethel Austin's sister company, homeware retailer Au Naturale, has also gone into administration. | Ethel Austin's sister company, homeware retailer Au Naturale, has also gone into administration. |
| Together, the two companies have 276 stores and employ more than 3,700 people. In the past year, Ethel Austin has taken over 12 empty shops formerly occupied by Woolworths - the biggest retail casualty of the recession. | |
| "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." |
| 'Uncertain future' | 'Uncertain future' |
| The Union of Shop, Distributive and Allied Workers (Usdaw) said the announcement was not a complete surprise, and added it was already working with the administrators to secure staff employment. | The Union of Shop, Distributive and Allied Workers (Usdaw) said the announcement was not a complete surprise, and added it was already working with the administrators to secure staff employment. |
| "Today's announcement is terrible news for the loyal and hard-working staff who now face a period of uncertainty surrounding their future," said John Gorle, Usdaw national officer. | "Today's announcement is terrible news for the loyal and hard-working staff who now face a period of uncertainty surrounding their future," said John Gorle, Usdaw national officer. |
| Despite the fact the recession is now over in the UK, analysts say the outlook for the retail sector remains bleak. | Despite the fact the recession is now over in the UK, analysts say the outlook for the retail sector remains bleak. |
| "2010 will be tough. The only consensus is that no-one knows what will happen," said Mark Hudson at PricewaterhouseCoopers. | "2010 will be tough. The only consensus is that no-one knows what will happen," said Mark Hudson at PricewaterhouseCoopers. |
| "However, most think it will not be pretty, with risk on the downside. Retailers we've spoken to have all said the same - performance will be slow but steady until summer, then all bets are off until the first budget post the election." | "However, most think it will not be pretty, with risk on the downside. Retailers we've spoken to have all said the same - performance will be slow but steady until summer, then all bets are off until the first budget post the election." |
| Ethel Austin started more than 75 years ago in Liverpool. Its head office is in Knowsley, Merseyside, where it employs 401 staff. | Ethel Austin started more than 75 years ago in Liverpool. Its head office is in Knowsley, Merseyside, where it employs 401 staff. |
| The company first went into administration in 2008, but was bought within a month by the former head of retailer MK One. | The company first went into administration in 2008, but was bought within a month by the former head of retailer MK One. |