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Article: Ethel Austin chain back from the brink; In association with BUSINESS ...VENTURE Retailer survives after spell in administration.(Business)
- Article from:
- Daily Post (Liverpool, England)
- Article date:
- May 20, 2008
CopyrightCOPYRIGHT 2008 MGN Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: BY ALISTAIR HOUGHTON Daily Post Business Staff
THE administrator of Merseyside retailer Ethel Austin has hailed new owner Elaine McPherson for bringing the budget chain back from the brink.
Ms McPherson, the previous chief executive and joint-owner of MK One, put Ethel Austin into administration last month after buying its debts from a group of banks.
But this weekend she sealed a deal to buy the Knowsley chain and its more than 270 stores - a move which will save 2,500 jobs.
The number of store closures has also been scaled back from 33 to 13 - with the stores in Woolton village and Frodsham among those set to be saved.
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