Fashion store M&Co closes Waterlooville store - but not its shops in Cosham or Gosport
FASHION store M&Co has closed its Waterlooville store as part of its restructuring plans.
The business, which has nearly 300 stores across the globe, said that it had faced a number of difficulties and that it is closing 47 stores, including the one in Wellington Way, with nearly 400 jobs lost.
However, the chain will keep 215 stores open, including those in Cosham and Gosport.
M&Co's chief executive, Andy McGeoch, said the company ‘would remain under severe pressure from the ongoing challenges of Covid-19’, if it wasn’t to restructure.
M&Co entered into administration, with its assets immediately bought back by the family that built the company up.
Mr McGeoch said: ‘It's not a decision we took lightly, after more than 50 years of trading, but it gives us a sustainable basis from which to rebuild, with the majority of our staff keeping their jobs.’