AlixPartners has been appointed administrators to the Austin Reed Group, putting almost 1,200 jobs at risk in a further blow to the UK high street.
Peter Saville, Kevin Coates and Catherine Williamson have been named joint administrators as a result of cash flow problems arising from “challenging retail market conditions”.
The group will continue to trade while options for its future are explored, including a sale of all or parts of the business.
“Our priority now is to work with all stakeholders and determine the optimum route forward for the business as we continue to serve customers throughout the UK and Ireland,” said Saville.
“Austin Reed is a well-regarded and iconic brand and therefore we are confident that it is an attractive proposition for a range of potential buyers, as such we expect, and welcome, contact from interested third parties.”
The group comprises Austin Reed, Austin Reed Group, ARG (Property), Country Casuals, Country Casuals Holdings and Darius Capital.
It has 100 standalone stores and 50 concessions in the UK and Ireland, and employs around 1,184 people.
It comes a day after administrators Duff & Phelps were appointed to BHS.
Austin Reed Group was bought by Alteri Investors on April 15, just over a year after the retailer entered into a company voluntary arrangement (CVA) and closed more than 30 underperforming stores.