Knitwear brand Peter Scott & Company has been put into administration after its sales were hit by increased competition from overseas imports.
The 130 year old company, which produces premium men’s and women’s knitwear in the Scottish town of Hawick, has made 119 of its 140 staff redundant.
Blair Nimmo and Gary Fraser of KPMG, who have been appointed as joint administrators, are working with the remaining employees to realise the company’s business and assets. The administrators are inviting offers to buy the business as going concern.
Nimmo, head of restructuring for KPMG in Scotland, said: “I understand that the company directors had been in discussions, until very recently, with several parties who had an interest in purchasing the company’s business. These discussions were not successful and we will now approach these parties, and others, with the aim of achieving a sale.”
He added that despite its strong brand, the company had suffered from increased competition from foreign imports and a decline in international demand for luxury products.