After high street mainstay BHS went into administration earlier this year, it is now tailoring company Austin Reed that faces troubled times. It is thought that more than 1000 jobs will be lost after administrators failed to find a buyer for the majority of the company’s stores. Edinburgh Woolen Mill owner Philip Day has purchased the brand and just five concession stores, saving only 28 jobs.
The brand, whose customers have included Winston Churchill and Elizabeth Taylor, has struggled in recent times, with administrators commenting that the company had failed to survive what is clearly an “extremely challenging retail environment“. The lease of Austin Reed’s hugely coveted Regent Street flagship store has now been sold.