Update: On the 22nd of April, Austin Reed filed a notice of intention to appoint administrators and it looks like they will be appointed this week. The retailer has followed in the footsteps of BHS - another retailer to go into administration. Between BHS and Austin Reed, over 11,000 retail jobs are at risk.
Austin Reed has struggled recently and is still closing stores. Famous for its high-end tailoring and suits, as worn by Christine Lagarde of the IMF, it has failed to keep up with its competitors.
12/4/2016: One year after entering a company voluntary arrangement (CVA) and closing down a number of stores, it looks like the restructure hasn’t been enough to keep the retailer afloat.
Reports in the media have revealed Austin Reed, also owners of Viyella and CC brands, have been in contact with AlixParters to discuss various options for the future. They may go into another CVA, seek extra investment or possibly sell the business.
The retailer appointed Deloitte last year to oversee the CVA and the closure of 31 stores across the UK - you can read more in our news piece here.
According to accounts at Companies House, turnover fell 8% last year.