That another apparel retailer has bit the dust isn't news in and of itself. A few times every week, the retail headlines can read like the obituaries, but it's not every day that the dearly departed brands in question can claim a heritage stretching for more than a hundred years.
That's the hat that U.K. retailer Austin Reed is hanging up today, though, as its parent company AlixPartners Services announced that the brand was unable to find a buyer for its troubled assets and will be pursuing liquidation instead, Reuters reported. That throws 120 stores up into the air, while more than 1,000 jobs will be lost when the dust settles.
Peter Saville, managing director of AlixPartners, said in a statement that the losses aren't without a good deal of effort on his part to find a happy home for the now-defunct Austin Reed brand.
“Despite a significant number of interested parties coming forward it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming," Saville said.
AlixPartners is letting go of a 116-year history in Austin Reed's downfall, though the company had been in hot water since April 26 when it slid into administration, the U.K.'s version of the States' Chapter 11 proceedings.
All hope is not lost, though. A paltry five Austin Reed kiosks already located in Boundary Mills outlet stores will continue to soldier on.