19/Apr/2014 - Last News Update: 09:58

Ethel Austin bought out of administration

Category: England

Published: 31st Jul 2012 16:05:23

Clothing retailer Ethel Austin has been bought out of administration in a deal which should save nearly 200 jobs.

The brand and 32 of the 41 remaining stores have been bought by Ricli Limited, owned by Liric owner and Salford businessman Mike Basso.

The company will complete a phased takeover of the stores and their 196 staff by 10 August.

Administrators Duff and Phelps are seeking buyers for the remaining stores, head office and warehouse.

The news has been welcomed by the shopworkers' union Usdaw.

Ethel Austin went into administration for a fourth time earlier this month.

The business was founded by Ethel Austin and her husband George in a Liverpool council house in 1934.

Before the series of administrations which began in 2008, the company had 300 stores employing almost 3,000 staff.

Source:
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BBC News, 2012. Ethel Austin bought out of administration [Online] (Updated 31st Jul 2012)
Available at: http://www.ukwirednews.com/news/1443778/Ethel-Austin-bought-out-of-administration [Accessed 19th Apr 2014]

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