Ethel Austin to be bought out of administrationTuesday, 31 July 2012
Value retailer Ethel Austin has been saved from administration
by Liric, a firm owned by clothing entrepreneur Mike Basso.
Restructuring specialists GA Europe, which recently acquired the debt of Ashloch Ltd, which trades principally as Ethel Austin, has announced that Liric has bought 32 of its retail stores. Pending the phased handover of the stores to Liric, GA Europe will continue to run the chain and also manage the closure of stores for which a buyer cannot be found.
Ethel Austin, which plunged into administration for the fourth time since 2008 earlier this month, operated 48 stores mainly in the North and North West of England, the West Midlands and Scotland.
Commenting on the sale, GA Europe’s Chief Executive Gavin George said: “We are delighted that a buyer has been found for the bulk of the Ethel Austin business, following its restructuring and a short spell under GA Europe’s tenure.”